Wow. There are actually Michael Bay fanboys on the internet? I know people liked Transformers, but the guy's work is a mixed bag. Stuff like Pearl Harbor and Bad Boys II are generally loathed in these circles.
Ninja Turtles is an example of a cartoon made into a good movie (except for the 3rd live action one). Look at TMNT. It was excellent and even implied a sequel possibly featuring Shredder. Sure it was CGI, but it was one of those non-Pixar or Shrek movies that made it look good.
I'll admit this, I'm not the biggest Michael Bay fan in fact before Transformers for some reason, his films usually make me fall asleep also don't forget that Michael Bay is also infamous for his film Armageddon not to mention the Horror remakes he produces but so far, Transformers is the only film by Michael Bay that didn't put me to sleep.
When it comes to Transformers, he's the greatest, his other films well to me, not so much and most of the times when I watch his films when I watch them the first time I would have no idea that it was a Michael Bay film.
Aside from DVD sales, I doubt that it revives the interest of the franchised or we'd be seeing the respective shows gettting airtime on a basic cable network. And Alvin & The Chipmunks certainly does have enough episodes for rerunning (over 65 eps I believe).
As for George Of The Jungle and TMNT, those movies didn't require major changes, but some tweaks here and there.