Magnificus is a new character based on the pre-Transformers version of Perceptor, who was, well, a black version of Perceptor.  He was established as his own guy by e-Hobby in 2005, when they released a black version of the original Perceptor (with a Micronauts partner named Ga'mede).  

I don't have that guy.

But e-Hobby (and Fun Publications?) just did a black version of the most recent Perceptor toy as Magnificus, and now I have that!  Built into the original tooling was a toy-accurate alternate head for the toy, which basically works as a Magnificus head and few other things, so that's pretty fortunate.  He's, well, a black Perceptor.  Not terribly exciting on the face of it, but I do like being able to see/own the tooling's alternate head.  Also, it's a character I didn't already have around, so he's not doubling up on any guy I already have.  

What's super-great is the comic this dude comes with.  It's only six pages, but it's got art by the great Hidetsugu Yoshioka and it features Magnificus (and his still-tiny pal Ga'mede)  fighting one of the unreleased Double Pretender guys -- specifically the gorilla.  He's got a name now and he's drawn pretty radly.  I like him a lot.  All toys should come with fiction!

The toy itself is still Perceptor, which is not exactly a beloved pile of engineering, but I never disliked it as much as some other people did.  However, I do have more trouble getting Magnificus's shoulder/backpack arrangement to consolidate into the torso than I did Perceptor's, so he requires a bit extra fiddling.  

He's available from either the Transformers Collectors' Club store or from other online places like Big Bad Toy Store.