The Times has written an article on the filming of Transformers: Revenge of the Fallen at Princeton campus, with some comments from Michael Bay. Shooting has apparently gone well over the first two days, and should finish today on the campus. Where the production will move next is currently unknown, but be sure to look out for information shortly.
Bay also revealed what the campus shoot was being used for in the film:
The university angle to the plot “is all about Sam growing up and going to college … a teenager growing into a man