Since Transformers Prime is part Hasbro's official canon for Transformers, it seems this is Hasbro's attempt to bring the successful Beast Wars approach into the toy line to open up the possibilities of alt modes back to real world animals and fantasy creatures. Depending on how the story goes and how well designed the (hopefully) new toy molds are, this could be kind of best of both worlds for TF fans. Hopefully more will be revealed of the line-up over the weekend. A gallery of Predaking can be found here.
Update: Hasbro has issued a press release providing an official image of Predaking's dragon alt mode. They also showed a teaser clip (below) that introduces the character, all the while keeping his robot mode secret.
"BEAST HUNTERS is an exciting new direction for TRANSFORMERS brand entertainment and the introduction of the PREDACON faction is a pivotal moment for OPTIMUS PRIME and the heroic AUTOBOTS, impacting the world of TRANSFORMERS which will never be the same," said Jay Duke, Global TRANSFORMERS Brand Vice President at Hasbro. "Kids and fans will be amazed by how Hasbro will bring this story and the 'beasts' to life across the brand's major entertainment platforms in 2013."