  We present a method for detection and reconstruction of the
gravitational-wave (GW) transients with the networks of advanced detectors.
Originally designed to search for transients with the initial GW detectors, it
uses significantly improved algorithms, which enhances both the low-latency
searches with rapid localization of GW events for the electro-magnetic followup
and high confidence detection of a broad range of the transient GW sources. In
the paper we present the analytic framework of the method. Following a short
description of the core analysis algorithms, we introduce a novel approach to
the reconstruction of the GW polarization from a pattern of detector responses
to a GW signal. This polarization pattern is a unique signature of an arbitrary
GW signal that can be measured independent from the other source parameters.
The polarization measurements enable rapid reconstruction of the GW waveforms,
sky localization and helps identification of the source origin.
