I am not clear on is if this is limited to IDW stuff or if it will include the previous Dreamwave work that IDW didn't really build on but didn't retcon out either. Considering the massive amount of story decompression used by IDW in telling Transformer stories, I doubt they had enough material to fill a 32 page "clip-show" issue so I expect some DW events to be used such as The War Within and The Fallen story arcs. The full interview is here, snippets below. Thanks to Bob for the link.
Q. Can you briefly outline what Continuum will cover?
A. It comes from a timeline perspective, from a time before the Autobots-Decepticon war on (home planet) Cybertron, to the time that they came to Earth, to the time that Decepticons took over Earth. It's written in a way that really follows a story arc, though. We tried to put everything in context so it all lines up for readers. It also allows us to give a proper introduction to the uninitiated.
Q. What would you say fans of the two Transformers movies are missing if they choose not to read the comic books?
A. They're missing out on versions of these characters that have more personality — a much richer, deeper portrait of these robots as actual characters. I think in comparison to the movies, we're able to develop more of a theme in the comic books. They're still very much Transformers stories, it's just that you have more time to get to know the characters than you might get in a two-hour action movie. I think readers will be surprised at the depth of these characters.
Q. Now, speaking more to the hardcore Transformers fans out there, are there features in Continuum and the new series that are aimed at the diehards?
A. Yeah, definitely. There are lines of dialogue that hearken back to older Transformers appearances, like the animated movie, for example. We definitely plant some Easter eggs there for the hardcore fans. I mean, we don't want to make these new series so uncomplicated that they hold no interest from the diehard fans. In speaking directly to the diehards, this whole thing probably leads to a much larger question among them, which is why create a new series now? At the end of the last series (All Hail Megatron), the Decepticons had apparently won the war in a very definitive way. I didn't want to erase that. I wanted to continue from there and move forward with a new theme. That theme is change. You learn more about these characters when you put them in new situations.
Q. For readers who have never gone to a comic book shop before in their lives, what are some graphic novels and comic books that you would recommend they purchase in order to make their visit a success?
A. Clearly, Transformers. I'd also recommend, for mature readers, V for Vendetta , Lock & Key, Wednesday Comics , the first Sandman trade paperback and The Killing Joke . For those a bit younger, I'd recommend Hellboy for its sense of humor and cool art. And for really young readers, I'd say pick up Marvel Adventures or Transformers Animated.
(I second the Locke and Key recommendation. First two trades are available, third volume is expected to start soon.)