This is the Chesty, half character half unasuming asset, one second he is a harmless and really rather useful treasure chest - the next he is picking your remains of your leg out of his teeth...
The model was created as a test to see how well two assets could be combined and used in a realtime situation, although this is a bit of an extreme example, it proves that with some planning and morph targets the ability to combine both forms in a single asset is possible, without having to switch meshes or textures at any point.
The model is a 1414 Tri's Mesh that has a custom rig incorporating morph targets. The material is a single 1024x1024 diffuse texture with 100% self illumination that was completely hand painted. To see more details about the model, please look at the model viewer and also check out the animation and transformations in the video.