TF: have the tape with Decepticon symbol looking towards you. Fold the sides of the bottom of the tape out to the sides and back. Then fold each half up and in bringing them together. Unfold the legs from the back of this piece and also fold out the tail. Fold the robot head out from under the tape, then fold the top of the sides down to become the legs which will then need unfolding.
The resulting Panther is similar to the original but more 3-D with a thicker body. The neck and tail bend up and down, the back hips turn - front are fixed - and all four knees move. He's not supplied with any extra weapons but there are little rockets mounted on his rear hips. If you've got any spare weapons with a 5mm peg then they'll fit into the holes on the side of the toy - expect a run on original Ravage guns on eBay.
Very good update, possibly - due to the increased body width - even better than the original.