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This is the best Megatron, like Laser Prime is the best Optimus Prime.
Both are vastly better than the original toys, not only in terms of being toys, which is like, duh, but silhouette. Laser Prime and G2 Megs have far more presence than G1 and most everything after.
Talking only toys inspired by the original Optimus, only Classics gets close to Laser Prime. Unicron Trilogy and you have an argument for Armada and Cybertron though.
Megatron isn't so lucky. All of them try too hard to be G1 when the beauty of G2 Megs is it isn't. It cribs notes from Brawl, but does them all better. Of particular note is the shoulder cannon, that alone adds so much presence to the figure.
No Megatron comes close, none of them have a solid argument because they keep trying to shove the gun robot into something else, not redesigning Megatron to work. Honestly the film Megatron's, especially The Last Knight, work better than anything lavishly G1.
It's kind of funny though, going along the same design principles, Energon Megatron absolutely nails what an updated Galvatron should be over Universe Galvatron, which is just poopy. If TR Galvatron did anything wrong, it was not taking more from Energon Megatron.
G2 Megatron, a proper one in terms of shape, needs to be made.