Rail Racer is a gestalt Transformer made up of 3 trains: Midnight Express, Rapid Run and Railspike. This is a re-release of the Japanese Transformers 2000 toy, JRX. the trains in JRX are named J-4, J-5, and J-7.

The version you see here consists of both Japanese and American issues. Midnight Express and Rapid Run are Domestic, while J-5 is Japanese. The main difference is some molding and paint color changes.

A really nice review of the toy can be found at BWTF, so I won't go into too much detail, other than to say it is a really, really nice set.