From the Diamond Comics Distributors webpage:

From Kaiyodo, makers of Neon Genesis Evangelion and Trigun toys! Check out this Previews World Exclusive blue, post-head trauma figure, that's not even available in Japan! This figure is based on the shocking and riotous FLCL (Fooly Cooly), the hit Adult Swim anime about adolescence, expectations, and alien intrigue, created by Studio GAINAX! Available exclusively through Previews, the Kanchi figure features 17 points of articulation and a variant hand and comes in original Japanese blister card packaging.

This figure is pretty much the same as the original red version, only it now features the blue paint job featured through most of the anime. It still suffers from the same flaws (top heavy, odd joints), but if you are a FLCL fan, this is the version you were waiting for.

As stated above, this version is an exclusive to the US market, brought to you by Diamond Comics Distributors. On the package, it states: "Sorry Japanese otaku, this toy is not available in Japan".

That's very cool.

From the minds at Gainax (the studio that brought you Neon Genesis Evangelion) comes Kanchi, one of the main characters in the hit anime FLCL.

Kanchi is a robot who literally springs out of the head of Naota, the protagonist of FLCL. The story is too complicated to explain here, but you can read a summary here.

The Kanchi toy is extremely articulated. It is made entirely of plastic and has 17 points of articulation, including a variant hand.

Kanchi's head has a translucent red "screen" that looks great.

Unfortunately, the figure is now without flaws. First, It is very top heavy. Don't try half of those poses you see on the back of the package, because they're not going to work. You can get some cool poses, but you have to spend a lot of time balancing him. He is also quite the shelf diver, so you will probably end up posing him sitting down.

The paint and molding is another issue for this figure. The plastic has a ton of little bumps and imperfections, and the paint application is just a little sloppy. Look at the yellow vents on the chest or the shoulder design.

As is typical of Kaiyodo/Xebec toys, Kanchi has some pretty funky joints. I don't understand why they do this, but the right hip joint is different than the left joint. This can cause some confusion in posing.

Kanchi was imported into the US in 2002 by Diamond Comics Distributors, so he can be found at local comic book stores and of course, ebay.