It does not.
The barbarian Rage ability and the rage spell both prevent you from casting spells because you're too angry to concentrate, but Furious spells can be cast in those states.
Transformation basically pretends to change your actual class temporarily, changing your stats and increasing your Base Attack Bonus and Fortitude save as though you only had levels in classes like Fighter or Barbarian - you actually completely lose your spellcasting ability while transformation is running, including your ability to cast spells from items like wands, as though you'd never taken a level in sorcerer. You get your spells back when it wears off, but until then, you are a complete non-caster.
Note that you don't actually lose your sorcerer levels (and you retain all of your sorcerer class abilities besides spellcasting); so your bloodline powers and such still work fine. Also, if you have a familiar (or Improved Familiar) with the share spells ability, you can cast transformation and other personal spells on your familiar, and transformation does still work even if you don't have spellcasting to trade in for its bonuses.
To answer your related questions:
Transformation says you completely lose your spellcasting abilities, including wands and scrolls, as if the spells weren't on your class's spell list. So, you could theoretically cast spells from wands and scrolls using Use Magic Device, and your racial and/or class-based spell-like abilities will still function. Just remember you're making the UMD check as though you didn't have spellcasting at all.
Transformation isn't dismissable, as there's no (D) in the Duration entry. You could arrange to have an ally dispel or disjoin you to break the effect, or move into an antimagic field to suppress it.
From your bloodline, you'll retain almost everything except your bonus spells. Survival as a class skill, any of your bonus feats you've taken, most of your bloodline arcana (the orc subtype, darkvision or extended darkvision, and light sensitivity, though the part about extra damage with spells won't be useful until transformation ends. Touch of Rage will still work, the bonuses from Fearless and Strength of the Beast will stay in effect, you can still activate Power of Giants, and your immunity and damage reduction from Warlord Reborn stay, too. You could even re-cast transformation once to prevent it from ending using the transformation spell-like ability from Warlord Reborn, assuming you're at least 20th level.