Yep - The Leader version is the earth chopper...

So far there's three Megatrons...
1) Deluxe 2-pack (Cybertron mode)
2) Voyager (Cybertron mode)
3) Leader (earth mode)

I've been excited by Leader Megs ever since I saw the first pics. And from every review I've read or watched, so far the general consensus is it's one of (if not the) best Megatron figures ever made!