That is just so totally fucking bad ass. I love it. As I was scrolling down I was praying, please let it transform and it did. I hope it goes really high on ebay.
Here ya go. The "mast" or "cone" of the mast is the first thing you move to transform him. Fold the cone completely back and it attaches magnetically to the rear-main thruster via internal rare-earth magnets hidden inside both. This keeps the cone out of sight in robot mode. He's chunky back there in robot mode, but that's the sacrifice to keep everything intact during transformation. Skywarp's got a big azz.
