Okay, here's the deal.
Originally, there was Universe - nothing but figures from slightly older lines repackaged and sent to discount chains, for the most part.
Then (in 2006, as a "filler line" before the 2007 movie) came Classics. This line included "Nerf Gun" Voyager Megatron, the original "Classics Bumblebee", the Optimus Prime and Ultra Magnus that fit inside the FP City Commander armor, a 2-pack of Deluxe sized Optimus and (tank) megs, Mirage, the Seeker mold, and a few others. Many of the figures in this line were notable for having rubsigns for the first time in decades.
Concurrently, Takara released those same molds with slightly more "classic" (and chrome covered) paint jobs. This was the Henkei line.
2007 saw (at BotCon) the release of the three at the time missing Seekers - Thundercracker, Dirge, and Thrust. These three would become probably the most sought-after figures that counted as "Classics".
In 2008, after the Movie Line ran its course, Universe 2.0 was 'unleashed'. Often called "Classics/Universe", there were a few repaints in the line (such as a more cartoon accurate Starscream), and lots of new molds - Ironhide/Ratchet, Sideswipe / Sunstreaker, Prowl / Silverstreak / Smokescreen, and many more. Again, many were repainted by the Henkei line (including as characters not available at the time, such as Red Alert). Unlike the original Classics line, this line expanded out of G1 somewhat - Inferno, for example, was based on his G2 incarnation (with watercannon instead of ladder), and Cheetor and Dinobot of Beast Wars were included.
This year saw the release of the Generations line. Much like U/CL (aka Universe 2.0), this is not focused entirely on G1 reproductions as the WFC figures show, but it is also limited to the Deluxe size class.
Apparantly next year will see the "Reveal the Shield" line, pretty much combining all current figure lines into one line, so non-Deluxe figures can be released (such as Solar Storm Grapple). These figures will not be named "Autobot Suchandsuch" or "Decepticon Suchandsuch", as the whole point of the line is the rubsign.
Does that help?
