From Zap2it:

The new "Knight Rider" will follow the same premise as its predecessor: Guy fights crime with the help of a supercar. The new version, however, will also take some cues from "Transformers," meaning viewers should probably prepare for a shape-shifting KITT.

Of course, since post-Transformers a talking car just isn't that interesting anymore.

The film will also feature Michael Knight's son driving the famous car. No word yet on whether "The Hoff" himself will appear.