From HK-TF, via TFormers is the below images of what is reported to be images of Shockwave for the upcoming Transformers: Revenge of the Fallen toy line. The orginial G1 Shockwave is identified by his cyclops eye and purple color scheme. A tradition that continued with his various iterations over the years and the images currently match.
If the toy images are true this is the first time any meaningful news has come out to suggest that Shockwave makes an appearance in TF2. Much like the first movie, the lineup of Decepticons in the sequel almost completely unknown so the idea has merit. Thanks to Furstreak for the heads-up.
Update: With the able assistance of TFW2005's Joe Moore, below are the cleaned up images of "Shockwave." As some have asserted, yep the images are of rumored TF2 toy of Soundwave. This would then mean this is the first time that Soundwave's alt mode is suggested to be something other then a satellite but rather a Cybertronian jet. This mode could be before he takes on an earth mode so it doesn't (yet) disprove any Soundwave rumors. Personally I am just disappointed because I really liked the idea of Shockwave appearing in the movie.
Update 2: TFW2005 has posted another picture, this time a close-up of the head. The overall look suggests a homage to the original G1 toy with a more pronounced crown topped head and visor eyes. Thanks to Astrotrain for the link.