I think the debate here boils down to whether people view this possible retooling as an homage or update to BW Megatron.
As an homage, it definitely does not work - whether regular or Transmetal, this mold misses the mark for reasons already stated (no T-rex head hand, tail weapon, or thrusters if Transmetal).
As an update
, however, I think this is brilliant (I use the word as a non-Brit). I love the vibe this guy gives off - think Kaon Gladiator from Transformers Prime meets the conniving schemer from Beast Wars, and you have a total win.
I'd love to see the color palette, or some Photoshopped test shots, but as of right now, he's buy on sight.