CYBERTRONIAN JET MODE
Surprisingly, despite being deformed, it looks alright for what it is supposed to represent. Both the front and the rear look more unified and compact than on the voyager version. Would have looked better with bigger wings. Oh, and the head is fully hidden, a big plus in my book. The jet also have a retractable front landing gear (the little wheel rolls) and has 2 more wheels on the back (knees). You have to push the missiles to fire them (they're not spring-loaded). Jet is a mix of light grey, blue-ish grey, gold and metallic blue. With terrible orange missiles and visible pincers. Still decent though.
TRANSFORMATION
Unpeg the arms from the "cockpit" area, fold the wings on top of the jet, fold down the jet nose (it's spring loaded) under the "cockpit" and unpeg the legs (they're pegged just like on the voyager version). By unpegging the legs, you will trigger the semi-automatic transformation. Top of the jet will move forward, torso will rotate into position and head will be revealed. Simple but fun.
ROBOT MODE
Despite the lack of elbows, the robot is very good. First of all, no more annoying spring-loaded toes. You get joints at the knees, hips, waist (spring-loaded for punching action I guess), shoulders, biceps and head. With all those joints, Megatron is capable of taking quite dynamic poses. Deco-wise, silver and black added in the mix. There's a tiny Decepticon symbol on the chest too. Headsculpt is very similar to Voyager Megatron, except the face is silver instead of black and the eyes are red (painted) instead of blue (piping).
Honestly, despite the weird (deformed) look of the jet mode and lack of ice bits and elegant wings, I think I prefer the FAB version over the Voyager, mostly because of the hidden head, better transformation and a robot that is pretty much just as poseable.