Well, going by the last game, it'll be one campaign with two halves. Maybe this time you'll be hopping between the two, rather than getting the entirity of one side done in one go. Either way, there'll be levels for both sides, which will add up to make one complete story.
I've heard some commentary by the devs that they've decided to ditch the two campaign format. Instead it will switch mission by mission to different characters. E.g. You play as Starscream until he runs into Grimlock, then you switch to Grimlock.
I'll see if I can dig it up.
EDIT: no luck so far I think I might have read it in the Novemmber issue of Game Informer. I don't see it online.
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