Between the new Transformers movie coming out without her and Shia LaBeouf fessing up on their hook up, Megan Fox has been taking some hits in the press lately.

But Foxy is getting back to basics ... underwear, that is ... in a hot new shoot for Elle China.

Megan was voted Sexiest Woman In the World by FHM magazine back in 2008 -- what do you think? Has she still got it? See all the pics in our gallery below.