Can latest "Transformers" renew interest in 3D?

The "Transformer" movies have never been accused of having three dimensional characters - until now. The new 3D installment "Transformers: Dark of the Moon" opens nationwide today.

On "The Early Show," CBS News Correspondent Bill Whitaker reported the action movie's biggest battle is to win back audiences tired of 3D movies.

"Transformers: Dark of the Moon" has "Birdmen"

"Transformers: Dark of the Moon" is big and loud and in 3D. The movie is also the first foray into the medium by action director Michael Bay, who says he's hoping the excitement on the screen spills over onto a jaded movie-going public.

Bay said at the film's premiere, "A lot of movies have done it very quickly and cheaply - as an afterthought. This is a fore thought. Shots were totally designed for using this technology to the best of its ability."

The Oscar-winning movie "Avatar," by director James Cameron, set an extremely high bar for 3D movies two years ago. Since then, there have been dozens of critical disappointments such as "Clash of the Titans" and commercial flops like "Green Lantern."

And that, Whitaker pointed out, makes moviegoers think twice about paying the higher prices for those 3D tickets.

One moviegoer told CBS News, "Paying like an extra $10 for a 3D ticket (is) not really what I'm wanting to do."

Another said, "Sometimes it's worth it. I think most of the time, it's not."

"They're just going with the trend right now," said another. "Eventually people will stop watching 3D."

"Transformers: Dark of the Moon" producer Lorenzo di Bonaventura said, "The future of 3D is definitely shaky at this moment in time because, frankly, a lot of movies have done it really poorly, and they have burned the public."

After "Avatar," movie studios felt 3D would be their financial salvation.

Anthony Breznican, senior writer for Entertainment Weekly, explained, "Not only did it add a premium to ticket prices, but it was also a way to protect against piracy. You can't sit in a theater and videotape a 3D movie and put it online, because it's all blurry."

So studios rushed out and turned some 2D movies like "The Last Airbender" into 3D movies, while churning out dozens of 3D disappointments.

Breznican said, "With movies like 'Avatar,' 3D was like 71 percent of the overall gross. 'Alice in Wonderland,' it was also 70 percent. And then, this year, you just see it dropping, dropping, dropping to 56 percent, 45 percent, on movies like 'Thor' and 'Kung Fu Panda.' And it makes you wonder how much further it has to go."

However, Whitaker noted, if the final "Harry Potter" movie "Harry Potter and the Deathly Hallows: Part 2" takes off in 3D, the format might create movie magic once again. But it's up to "Transformers" to lead the charge. And director Michael Bay says he and his movie are up to the challenge.

Bay said at the film's premiere, "Is (3D) make or break? It's not make or break, but I think this movie is one that will show you what the technology really can do."

According to audience members coming out of last night's "Transformers" sneak peek, the future of 3D looks a little brighter.

A screening attendee said, "It was just awesome."

Another said, "It felt like you were really right in the midst of it all, it was really fabulous."

"Probably the best 3D movie I've seen," another moviegoer said.

So how much money is the new "Transformers" expected to make this long 4th of July weekend?

Co-anchor Chris Wragge pointed out expectations are high - one analyst says anything less than $200 to $250 million would be considered lackluster.