Transformers:
Microverse Playset: "Arachnid"

Although this is not technically a 'character' per say, it's a well designed toy worthy of mention in the annals of Transformers toy history.  The spider mode is reminiscent of Tarantulas color scheme and sculpt.  It turns into an ATV driven by either Micro Megatron (replica of his gator form) or Micro Tarantulas, included with toy.  This vehicle then can turn into a model replica of the Predacon base.  A nice idea and well executed at its pricepoint.