Personally, I think that Transubstantiation should be quietly dropped. It ties theology to Aristotle's Physics, which is where the whole "substance and accident" thing comes from. To have dogma depend on a specific school of philosophy is not, IMHO, a good thing. 

I would rather we say that Christ is truly present in the Eucharist, and leave it up to God just how it is done.

Calvin took that quote about eating his flesh and said that Jesus meant it symbolically.