The Valkyrie could change into multiple forms in the various Macross series. This is the middle form between the plane and robot mode, simply known as the Gerwalk mode. It allowed the pilot the advantage of a gliding/flying mode while allowing them greater degrees of fire as the arms of the battroid were also transformed and effective in this mode. One of the more unique features of certain mecha in Macross, I cannot help but compare it to the well known transformer phenomenon which is also a Japanese creation. 

This kit is in the 1/72 scale and is made by Hasegawa.