Well, very nearly anyway! Starscream of TheTF.Net has located a near-widescreen print of Transformers: The Movie in Sunbow's archives, which is estimated to display 15-20% more of the animation than the previous Maverick/Rhino releases. It also seems likely that Metrodome will use this print as the basis for their planned 2005 release of the film!
Check out some screen-capture comparisons in this thread.
