I think this is a good summary.
I've been looking at the game model and his insect mode is closer to a wasp thingy than a grasshopper really. Which makes sense since he is a flying character in the game.
If you take that in context and drop the thoughts of the grasshopper mode, it makes the insect mode a bit better. But even then it's a bit of a crappy beast mode. The robot mode makes up for the beast mode in my opinion though.
I am pretty impressed that they managed to make both modes incredibly close to the game model (including the front insect legs hanging off his back) and make it such a dynamic toy.