While Paramount Pictures continues to develop a crap ton of new Transformers sequels and spin-offs, a group of fans got together and made the Transformers movie fans really want to see. As Sploid says, it's better than any of the live action Michael Bay Transformers films thus far, and their obviously tiny budget, homemade costumes, and low-fi VFX are a huge part of the reason the short works as well as it does.
Generation:1 is a fan made live action transformers "costuming" movie
featuring the characters of the original Transformers G1 cartoon series
from the 80's using practical effects and in camera effects.