This is a toy many have requested over the years - an action figure customizing kit. There's certainly no reason fans of Monster High should get all the fun (Mattel's MOTUC Vikron came close, but all three versions you could build were sligjtly lame). Blank bodies, five heads, two capes, interchangeable hands, and the appropriate paint and stickers. For $40, it seems like a good deal.
And yet I have questions: with a scale listed as 4", will they be compatible with anything else? McFarlane Halo, maybe? Also, no finish? Those stickers will peel off, and the paint will chip off - most customizers don't actually play with their toys.
I love the idea, but have a feeling it needs tweaking. And releasing by a toy company I've heard of.
If you're thinking about giving this to a kid, I have an alternate suggestion: get it yourself, and use your own artistic ability to create a custom for the kid. Otherwise, they may tire quickly of "Scribble-Man."