Gimmick or not, I agree w/ Jaydisc's picture and assessment. I do have a love for the mold as Jaydisc is aware and tried convincing him myselfbut have come to terms that ultimately the transformation is terrible. He is, for all intents and purposes, an oversized Cyberslammer.
The walking gimmick really isn't that difficult or unique. A lot of the dino-rider toys at the time had the same ability. I still do find Sky Lynx to be neat b/c I think visually he looks very cool compared to the likes of Wheelie or Blurr or Sparkabots.
So yes ultimately the toy is a crap Transformer from an engineering point of view but that doesn't take away his scale and visual appeal for me. It's the type of collector I am. Hell, I'd rather buy at $300 statue than hunt down G1 Scorponok. I'm just not afraid to admit it.