It was supposed to start the early part of '08, but now it sounds like CN's going to premiere it the day after Christmas.
As for being based on the movie...it's inspired by it, for sure: based on the clips that have been leaked, Megatron's Cybertronian mode (especially his head) is modeled somewhat on the movie version, plus in this version it seems that the Decepticons are searching for the Allspark again.
Interesting work here.
The way I see it Optimus Prime definately diserves to be admired with all the morals he embodies. I also feel that they should tear Megatron apart until all that's left of his ugly body is a pile of shards, and then lock up his spark.