Will they ever come back out with the Trans Am?

no, GM is shutting down a few of theyre makes, pontiac being one of them

they arent shutting down Pontiac, they are streamlining it and are only going to offer 3 models, most likely the G8, Vibe, and Solstice... They let Saab go independent and are discontinuing Saturn unless sale of the brand can be made, they may also offer the Saturn dealer network to a foreign auto manufacturers to setup in NA. As for the Trans Am, i doubt it, GM is sitting on a Z28 Camaro (same 556HP engine and tranny in the CTS-V) but the likely hood of it actually being released with the way things are is slim... They are planning on selling Pontiacs on Chevy lots, so what i think they should do is offer the Z28 under the Firebird name tag with the more aggressive Pontiac styling cues so it sets it apart from the LS, LT, and SS...

there are rumors of a new trans am in 2011, but it would reduce the sales of the new camaro that is competing with the 2010 mustang so i doubt a trans am will debut anytime soon.

since Pontiacs will be sold on Chevy lots it wont really be competing, more of an alternative model option