First off, the rally truck mode is really decent, it's fairly solid and has good rolling and ground clearance, and is fairly kibble-free. In fact, the only real drawback for me is that from the rear end you can see how empty the undercarriage is, this is not uncommon for TF trucks in general though, but they could have put bars or a swing-down facade if they chose to. Detail is a little chunkier than TF, but still good enough.
Transformation has some really clever stuff going on. It definitely doesn't feel like a Star Wars TF, this is more whole and complex for the sake of transformation rather than for dumping a bunch of kibble the way SWTF too often does. The waist is a little confusing and locked up tight the first time, the cabin does want to implode too, but a little patience and you get some clever stuff moving about, pretty much everything moves really. I would have liked to see the slide-in upper arms lock down, and the panel hiding the head fold back further, and the back wheels lock into the legs (not to mention create better heels for the figure), and detail on the back interior (this is a gravy complaint since you generally only see it in transformation), but generally this is a really fun transformation once you get it. The instructions make it seem more of a chore than it really is, there's a flow that gets lost, and getting back to altmode requires a little thought the first time but works once you get where everything moves.
Bot mode has the Wolverine mode down pretty damn well. This is much more of a "hey bub!" comicky mode than the movie version of the character has been lately, he's stocky and even a little hunched over. And his claws spring out of his upper forearms, not between his fingers - reminds me of the '90s Toy Biz Marvel line in some good ways. There is a good amount of detail work, it's not as fine as real TFs but it's nice to see someone thought of some of this stuff, and the winch-chin is funny. The figure's biggest drawback though is a lack of heels, as DvD says, they're "L" shaped feet, so the majority of the back of the foot is missing with only a tab at the outer edge making standing poses very difficult. The figure takes action poses better than standing ones, but it's still a chore to find one that will stay upright (not as bad as regular neutral poses though). This is more of a fun action figure to pick up and play with, not stand on a shelf. Also, while well-articulated, I would have liked to see up-and-down motion for the head what with the hunched mid-torso. And in both modes, more paint detail would have been nice, I am greedy here though. Also, the use of ratcheting joints on so many places is badly done, the ratchets are too sharp and limit the range of motion rather than help it, the knees are especially bad at both the hinge and swivel, and the heels just needed twice as many stops.
This figure makes for a pretty terrible mech if you think about it, there's nowhere Logan could really go if he were in scale to the alt mode, he'd be all scrunched up in the torso which would have to be totally hollow to accommodate him. Luckily, it's a very keen robot, so screw the mech concept, maybe it's remote-controlled or they put Wolvie's brain in a TF body.

All in all, this is a pretty fun Transformer, and while suffering a few flaws and oddities one wouldn't find in the real TF line usually, there are a lot of good ideas applied here. The overall design of both modes is very satisfying in a "pick it up and have fun" way, and the character shines through the bot mode quite well.