That's right and here it is in all it's glory! Currently in its test shot phase, according to the web page, viewable HERE, the final figure will have “improved colours”. The figure is also currently un-named. Let the speculation begin!
To get your hands on this delicious Transformers item you must be a memeber of the Transformers Collectors Club or join by the 16th of March 2005.
Thanks to the 2005boards lordcryotek for the heads up.