You’re all wrong. THIS is the greatest doll. Oh no, there’s a difference between “doll” and “action figure”.
Really? I recall one specific one that came out, touted as a ‘big deal’…
This is the coolest IMnsHO
Behold the Sentinel
I have one in the office, watching me whilst I work, and frightening off pesky visitors.
Though the idea is great, these are very poor quality by modern standards, very obvious articulation points and not great painting. I’d love to see some of these characters done really well.
I am actually a customizer as well. My site is still under construction so no linky.
Mike
I’ll bet you were thinking of the 18" super-poseable Spider-Man with 67 points of articulation. You won’t find them at retail anymore, but it should be easy enough to acquire one on eBay at the original store price, or not too much over. Toy reviewer Michael Crawford (not the Phantom guy) posts a detailed review and several photos here: Michael Crawford's Review of the Week
But if you prefer the 6"-7" scale, you have dozens of different super-poseable Spideys to choose from.
Apparently the first Wallace and Gromit action figures (I am hoping they will be more than just figurines) will be released with the movie in October. I will pre-emptively say that I hope they are sweeet.
I would kill for Grommit’s sidecar/airplane from A Close Shave.
And Wallace better come with some cheese! 
They’re made by McFarlane, so that means they will probably make Grommit in freaky bondage gear and Wallace with a giant boot and a necklace of severed penguin heads.
Airfix offers a plastic model kit of W & G and the sidecar motorcycle from ACS.
You say that as if it would be a bad thing.
Wallace & Gromit Wensleydale cheese.
Okay, now there’s the last firm I’d expect to get the license. Though I hope W&G avoid getting head molds that look liked chewed-up gobstoppers…
Ooooh! Gotta hunt for a link…
These are prety good http://www.thinkgeek.com/cubegoodies/toys/6cbe/ even if the modelling is poor.
And check out http://www.spawn.com/toys/series.aspx?series=291 Spawn Wallace and Grommit looks pretty good.
Love the character named P.C. Mackintosh 
This has got to be THE most perfect rendition ever:
http://www.jesuschristsuperstore.net/lfigurespages/lfallah.html
The first Boba Fett action figure, which one could only acquire through mail order with proofs of purchase … maybe not the most coolest action figure ever, but when it came in the mail it sure did feel like it.
Spare me all your ultradetailed McFarlane fetish items, targeted at thirtysomethings, from movies that aren’t even OUT yet. Sheesh.
I’m still waiting for a Robin Curtis version of Saavik.
Even in zombie form.