Thanks to our friends in Japan Transformers are real! This is a 1/12 scale Transform Robot from Brave Robotics in Japan. It was recently spotted at a toy fair. It runs like a car then can transform and walk as a robot. From Boingboing.com:

"The wirelessly remote-controlled Transform Robot took some ten years to develop, and includes wireless internet connected cameras for remote monitoring, and the ability to steer its arms and shoot little plastic darts from them. "

Watch it in action