Megatron (16-S) was released by Takara on the 16th of March 2001.  I was still in Japan at the time so this was my last Transformer purchase from my local Jusco Department Store.  This is the fourth re-release of a vintage Transformer and is based on the original Gun Robo P-38 Walther pistol released in the Micro Change line (New Microman 1981-84).  It was later released by Hasbro as Megatron (minus the bullets and weapon attachments).  I really don't know much about the vintage variations of Megatron, so I must refer you to Paul Lorphanpaibul's New Microman Series section for more information.

Megatron's package contents

Megatron's box is fairly large measuring approximately 14.25"x9.25"x2" (not including the 2.75" flap).  Megatron is labeled with 16-S, where "S" stands for "Special".  I'm assuming that it's considered a special since it includes the weapons not included with Hasbro's release; Bullets, Laser, and Blade.  The contents include:

1. Megatron (weapon mode)
2. Silencer
3. Anklestock
4. Scope
5. Blade
6. Laser
7. Bullets (x20)
8. Sticker Sheet
9. Instruction Sheet
10. Character Card 

There was one sticker that was pre-applied to Megatron which was located just under his chest in Robot mode.  This is a good thing because it is kind of hidden and would have been difficult applying it correctly.  It took some time to apply the other stickers correctly but I took my time so I wouldn't screw it up ;P  It took numerous glances at the box the put them in the correct location since the instruction sheet isn't very clear, but I think I did a decent job.

WEAPONS:  There are two other chromed weapon attachments that fit snug into either hand.  They are identified as a Blade and Laser which are shown below.

Megatron with Laser

Megatron with Blade

ROBOT MODE:  To transform Megatron into robot mode, begin with extending the hand grips downward and rotating each side (Megatron's legs) forward.  The magazine becomes his feet and need to be pushed out.  Next step is to separate the barrel assembly (barrel and slide) in two.  The slide (piece which has the scope's rail) is rotated downward and the top of the hand grip (Megatron's head) is pulled downward.  Continue working with the slide by separating it in half.  You should see Megatron's fists tucked away.  Now rotate the barrel and front-half of the slide clockwise 90 degrees.  The front-half of the slide should be pushed upward which separates from the barrel.  You should see the pre-applied sticker which is part of Megatron's torso.  The barrel needs to be pushed downward, rotated 90 degrees clockwise, then lifted upward once again so that the barrel is facing forward.  The barrel should look like it's tucked under Megatron's right armpit.  Next, rotate Megatron's arms and head forward so that his head rests on the slide or shoulders.  Extend his arms and fists and you're done!

Close-up of Megatron's head

WEAPON MODE:

P-38 Walther

P-38 Walther with Scope

P-38 Walther with Silencer, Scope, and Anklestock

ROBOT MODE:

Megatron

Megatron with Scope

Particle Beam Formation

Telescope Laser Cannon

Megatron's articulation is quite limited and odd at the same time.

  I think my biggest complaint would be in the shoulders and arms.  This could be improved with better jointing but most, if not all of these figures created in the 80's had limited articulation.

I have an older Megatron figure that has seen some battle.  Here are some differences that I've noticed compared to the re-issues of today:

Left-side:
- Safety lever (to the right of P-38 Walther engraving) has a semi-circle plate which has been extended and also has a "rivet" hole.  This semi-circle covers the vertically-angled grooves.
- Doesn't have the "MC.12.13" marking.

Right-side:
- No "TAKARA Made in Japan" marking.
- The vertically-angled grooves (right of the hammer) have been removed which is now flat and has a "rivet" hole.

Inner-legs: Red locking-tabs have been shortened/modified for more stability when locking the legs in place.

Barrel: Lip was added to the bottom end of the barrel for a better connection to the slide when in gun mode.