Actually Ed, the main alchemist, uses a clap to make a transmutation from his body. The clap forms a circle with his arms, so if they used the microphone for this that would be cool. Just like in the show. Since he doesn't have to draw a circle he has a speed advantage over almost all of his foes.
The other non-1337 alchemists use drawn transmutation circles. That would be cool but the transmutation circles in the show were extremely complicated. I hope its just like simple designs or circles with squares inside. Drawing with blood to animate souls would be cool too.
This looks rather nice actually, and the whole drawing transmutation circle thing is a nice idea that fans will like. Is the shot in the upper right from the DS version? I can't really tell, but it looks great, especially the boss.