I randomly found out about this today.
It's a "build a robot" flash thing in a similar vein to the Pacific Rim one I mention here.
While this isn't the first time that Hasbro's done one of these (back in the day, they did one of the first of this sort of thing I've seen, actually), it's significantly more awesome than their original effort.
For one thing, it gives much better options, such as parts that hypothetically resemble specific characters (only generic parts were part of that ancient "build a bot").
Another is that you can put a nice clear Autobot/Decepticon sigil on him. In fact, the only problem I have with the construction aspect is that you have limited funds, so you can't just do whatever you want, like putting heads on the ends of all your robot's appendages (heads are expensive for some reason). And yes, you can put some strange things on odd places, such as a foot where a head would go.
(I do not, of course, actually picture this, but I thought you might like to know.)
The naming mechanism manages to be both awful and wonderful.
If you're wondering why you need to choose from words, this is actually a build-a-bot app that also involves playing a game with the character you built (hence the limited funds), and so presumably this is intended to keep out inappropriate names. This is, of course, why I felt obligated to name my robot Burrito Exploder.
You can also make your robot dance, transform (into a bizarre lump), and do some other posing stuff.
I don't know if I like this better than the Pacific Rim one or not, since that one lets you make neat posters, but I do like it pretty well.