According to The Wall Street Journal a Micronauts movie could be produced by JJ Abrams, the man who successfully rebooted Star Trek! The Micronauts is the North American name for the Microman toy line created by Japanese toy company Takara (the rights now belong to Hasbro). A comic book based on the toy line was also published by Marvel.

Here’s the original mythology of the Micronauts:

“The Micronauts originate in the Microverse, a microscopic series of diverse habitats that are linked together in the fashion of molecule chains. The original team comes together in response to the threat posed by former academic and now murderous dictator, Baron Karza. Commander Arcturus Rann (returning from a thousand-year deep space voyage in suspended animation) and Biotron, his robot co-pilot, return on the HMS (Homeworld Micro Ship) ‘Endeavor’, to discover Karza has slain the royal family, who are in fact Rann’s parents. What follows is an epic war across the Microverse: Rann and his allies against Karza.
At one point the team is somehow trapped for a time on Earth (where they are the size of toys) before retuning to the Microverse.”

And here’s a clip that shows off the Micronauts toy line:

I suppose that if the Micronauts movie really goes under development, they will focus on the part with the Micronauts trapped on Earth. I’m not sure this movie will be as exciting as Transformers though… Micro robots aren’t as impressive as giants robots… But with JJ Abrams producing the Micronauts movie we may expect to be positively surprised!
;-P