Had a fiddle with this toy today. Definite improvement over previous Cyberverse toys, although that's not a high bar.
It is a pretty neat little figure. I find the transformation to be simple but elegant and intuitive. I like how the shark mode is actually in a straight neutral position and not in a permanent turning position like the original Gelshark (TM2 Cybershark) or Generations version (the former is turning sideways while the latter is turning downwards; obviously inspired by the breaching position seen in the last ep of CR). The shark mode is a bit bulky for my liking (not terribly aquadynamic!) and the lack of true head articulation is disappointing.

Interestingly enough this toy is clearly inspired by the IDW version of Sky-Byte (which is also what Generations Sky-Byte was based on) rather than Gelshark.