I never really liked the first film much either... having said that it was waaaayyy better than ROTF! I consider Michael Bay to be a very poor director... he has no understanding of pace and has demonstrated that in every film he's ever made!
As for new directors... James Cameron would be great, but let's face it he's not gonna touch TFs... especially with Avatar coming out (a film he's devoted the last 14 years of his life to making - Bay could take a lesson here... don't hurry a film because you're stubborn).
I reckon Christopher Nolan would be great! I loved the Dark Knight!