Tergellian, here's my 2 cents:
First, I don't know which subfield you are applying for, but why would you waste a year of your life to move from one top school to another? Given that Michigan is ranked at #3 (NRC rankings), the only schools where you could move up in the rankings would be Harvard and Stanford.
Second, why would you want to transfer to another top 10 school if it would be lower in the rankings, unless you have a geographical constraint in where you can be?
Third, I would worry about the problem that brent09 pointed out. You probably do not want to tell the faculty at Michigan that you are trying to transfer to another school (especially since you haven't even arrived on campus). I am guessing the faculty will not want to advise a student who is already seeking to transfer away.
Finally, and this is why you should take my advice with a grain of salt, if Michigan is not where you want to be, then please just tell them right now that you will not be attending. I am on the waitlist at Michigan and would like to get off of it!
Seriously, why go there if you are already planning to transfer?