Marty "The Godbeast" Hansen has produced a number of fantastic figures over the years, be it hand-molded low-run items or assisting in prototyping other figures you know and love, like the Armorvor.
Kabuto Mushi MK II Prototype seen here. Like all of his projects, it's pretty superb. The picture was also presented on his blog with minimal commentary. A post on this forum indicates that this is the first stage in possibly getting this figure produced, in PVC, over in China.
On the October Toys Forums, Mr. The Godbeast presented these additional early prototype images which you should check out showing scale - as you can see, he's slightly bigger than an Armorvor.