A source close to the production of Transformers 4 has cleared up some elements about the film. While the term 're-imagining' was thrown around, the fourth film will be a straight up sequel to the last movie. It just won't be told through Witwicky's point of view. As to whose point of view it will be told through, that's unclear right now, but it's also unclear which - if any - human characters will be back.
The thing I was really curious about was how this 're-imagining' impacted the tone of the movie. The three films so far have been remarkably violent and dark for a series based on toys, and I wouldn't expect that to change. What I would expect to change is the humor - Bay seems intent on cutting down on the goofy, tone-deaf comedy bits that have seen some of our finer actors pissed on and tickled by giant robots.
"Michael realized it needs to be more like the last hour [of Dark of the Moon]," this source told me. So expect lots of big action, lots of carnage, lots of military badasses, very few silly bits.
Is that an improvement? I'll leave it up to you to decide (and remember, we're a year out from anybody rolling a frame of footage on this, so everything could change as the script morphs. The 'script.')
This next bit is speculation based on what this source told me, and not moored in facts: I feel like Transformers 4 could be the movie where they finally make the robots the center of the story. Rather than having the robots as sidekicks to whatever Sam is going through, the film could well finally place them right in the middle, with their character beats fueling the narrative. The 'narrative.' That would at least give fans something closer to what they want - people come to a Transformers movie to see what Optimus Prime et al are doing, not to find out how Sam Witwicky's job search is going.