They also did Kim Possible, which was apparently a much better engine than the Spiderman game. They're using the KP engine for the TF game. I guess being Cartoon Network shows, they'd both have a similar visual style.
EDIT: Some thoughts about this game after watching the videos:
The abilities appear to stay true to the series! Bulkhead has his wrecking balls, Optimus has grappling hooks and throwing axes, Prowl has shurikens, and Bumblebee has electricity attacks. Bumblebee can also wall jump and move faster/jump higher than everyone. I suspect Prowl will have similar abilities. It also looks as if Prowl and Optimus have 'path drawing' abilities for their projectile attacks, a la the Boomerang in Phantom Hourglass.
The other interesting thing is that Bumblebee has his turbo boosters in the driving sections!
I'm a bit disappointed that Ratchet isn't in the game. Come on, his powers are perfectly suited to a platform puzzler! He can move objects from a distance and he can create shields. There was a Lost Viking who just carried a shield around, and I thought Ratchet would be playing that defensive role. Oh well.
Also, not sure if the speech in the Activision video is in-game or dubbed over, but if it is in-game, along wth FMVs they showed, it could be quite a technically impressive game!