No, Mattel isn't losing the action figure license - McFarlane will be producing high-end collectible statues that feature LED lights and, in the first figure (Undertaker) an actual piece of ring mat from one of his matches. Plus a signed certificate of authenticity by...
Hah! Not Undertaker. Todd McFarlane. Because I don't have enough copies of that signature yet.
As a fan of both, I think it's cool to see McFarlane sculpt WWE superstars finally, and in a larger scale (17.5 inches) that I prefer - but I was hoping they'd be less than $295. Considering Mattel has evinced no interest in large-scale figures, however, this is probably all we're getting in this size for quite some time.
Taker's cool and all, but I'll be more tempted if they do Steve Austin.