If it is genuine... then I hope it's just a crap toy and the movie rendition looks far superior. Which it probably will, you can't judge a film character with a toy... especially if that's one of the smaller, cheaper ones (hell, maybe even a mock-up at this stage)
But yea... that alt mode looks broken, completely. True a Cybertronian satellite can look like pretty much anything but come on
Question still remains, if Soundwave is a satellite, this doesn't necessarily prove he has a robot form in the film; I'm thinking of Scorponok having that awkward robot mode in toy form.
True there could be flashbacks, him descending to Earth, or transforming in space Unicron style...
Who knows until we see some official concept art, or failing that, the trailer or the movie itself lol