Talon is an F16 jet, the form taken by the original Decepticon Jets Starscream, Thundercracker & Skywarp. He's mainly sea green/blue in colour so not hugely removed from Thundercracker's colour palate then. Like all the Predators he has a cockpit canopy moulded in clear yellow/green plastic and a grey fold down landing gear under the nose.
Under the plane he carries the data chip for the Megavisor gimmick for the larger Predator toys. Find the grey square (like the landing gear, this is the same colour on all four Predator jets) behind the landing gear and fold it back 90 degrees. Locking this onto the larger toys (or by lowering the plastic picture down) reveals a picture of a schematic vehicle mode image of Thunder Clash
Talon comes with a gold Predator launcher and three missiles - one mounts under each wing while the other is for the launcher. While there's no official place to store the launcher in jet mode - would a hole under the nose have hurt ?- you can mount it into one of the robot's hands.
TF: Simple. Fold the landing gear down and the Megavisor data chip in. Pull back on the jet so the back forms the legs, fold the feet out the underside of the jet and fold the nose down. An identical TF is used for three of the Predator jets.
The robot has been moulded to closely resemble the robot modes of the G1 jets complete with the cockpit on the chest and the mechanically parts flanking it. The head - moulded in black with a gold faceplate (another feature common to all four jets) resembles Optimus Prime & Soundwave - a popular head design - and like the other Predators & Turbomasters - is one of the first to use a lightpipe for the eyes in the same colour as the cockpit canopy. The articulation is pretty simple by today's standards and is essentially a brick apart from the shoulders which allow the arms to move from in the vertical pointing down to horizontal in front of him. Each arm - moulded in black like the other three jets - has a small (less than 2mm) peg hole that allows them to hold the Predator missile launchers. The hole runs through both hands so he could hold a weapon top and bottom of both hands.
Talon was also available in Japan as Moon Jet in the Operation Combination TF-08 two-pack with Checker Road (Hurricane).
Overall: A modern fan might think it's a little simple but it's a decent smaller Decepticon jet - something severely lacking in Transformers at the time, and not much improved now, a reduction in size for a previously released vehicle with a new design feature, a decent launcher and a gimmick for interacting with larger toys. You can't go wrong really.
A modern re-release would almost certainly require a new launcher and weapon - the Predator launchers would fail US safety tests and indeed have been removed from every US recolour of Stalker & Skyquake. If a different weapon were included maybe the arm could be retooled to accommodate a 5mm peg hole - there's enough plastic there to take one - allowing it to hold most modern weapons.