Stage 1: I seperated a few of the main parts for easier painting. A few dabs of Silly Putty were placed in the gaps and holes to protect the light and sound features while painting. Once the main painting was complete, the Silly Putty is easily removed (This is a great method for painting realistic camo on military models). I used a dark gray Krylon spray primer for the first coat. Once this coat dried, I sprayed the pieces with matte varnish

Stage 2: I then painted the seperate pieces using Krylon silver spray paint. Once this coat dried, I sprayed it with matte varnish and reassembled the figure.

Stage 3: Basically, this is the finished figure. I used several ink washes to add depth and age to the look. I then painted the gold and copper details as well as some silver drybrushing to clean up the ink washes. Sealed again with matte varnish.

And here are a few close-up shots. I hope you can see some of the detail work a bit better. I actually painted parts in the eye silver to better reflect Megatron's movie look. Of course, the light piping and electronics all still work.

Thank you for taking a look. Feel free to share any thoughts you might have. I value your input. Take care!
EDIT:
This figure is now available on ebay
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ih=016&sspagename=STRK%3AMESE%3AIT&viewitem=&item=260137626387&rd=1&rd=1