Thanks Jim.
I found my problem, I was not setting the ClassName property. Once I did that, things started working I'd expect.
Here's my final markup:
<cms:CMSRepeater ID="repRelated" runat="server" DelayedLoading="true" RelationshipName="isrelatedto" RelatedNodeIsOnTheLeftSide="false" Path="/%" ClassNames="custom.Product" TransformationName="custom.Product.testing" />
And the code in the transformation to populate the GUID for the related docs repeater:
<script runat="server">
protected override void OnInit(EventArgs e)
{
base.OnInit(e);
Guid nodeGuid = ValidationHelper.GetGuid(Eval("NodeGuid"), Guid.Empty);
repRelated.RelationshipWithNodeGuid = nodeGuid;
repRelated.ReloadData(true);
}
</script>