As far as I can tell, this is the same mold as the regular (red) issue of Gasket (Ransack in the Cybertron series), only done up in a black/white police design.
The motorcycle's windshield, tires and guns have all been cast in a smokey translucent plastic as opposed to the normal solid black. This gives the toy a really nice overall look. The word 'police' has been added to the windshield. I'm told the Japanese characters on the side also translate to the word police as well.
I've always liked this mold, especially the alt mode. Transforming motorcycles have been hit and miss across the span of Transformers (sorry Wreck-Gar), so to find a cycle that didn't suck is an accomplishment in my book. I love the stretch design of the bike, almost reminds me of a light cycle from the movie TRON. I love the fact that the tires are wide enough that the cycle can stand on it's own without having to use a kickstand for added support.
The gimmick of the toy is unchanged too. Inside the Planet Speedia Force Chip into the rear of the seat and the guns spring backwards. This gives Gasket some offensive firepower behind him when the Cybertrons/Autobots are giving him chase.
While I do think Gasket's cycle mode is the better of his two forms, his robot mode isn't bad. He has wide shoulders, a slim build and his feet look like high heels...I'm really surprised this mold wasn't used as a fembot. Like most modern Transformers, Gasket is well articulated and can pull off some great poses. Too bad the guy behind the camera sucks at getting those dynamic poses!
This mold would be later used as Ransack GTS in the Cybertron series and again as the excellent 2006 Botcon exclusive, Rattrap. There was a time I owned every version of this mold. Yes, I like this mold that much. Today this is the only version I have. I couldn't part with it when I was thinning out my non-G1 TFs. Finding him on the secondary market could prove tough. At the time of this post I could only find one on eBay, sealed for $75. If you want to just experience this mold, track down one of the Hasbro versions.