The plane mode does a good job of replicating G1 Ramjet, particularly those red delta wings and the extra jet engines. The colour scheme pretty much follows the G1 toy, with the addition of a dash of gold, and looks... reasonable. You're never going to see a military jet painted like this, but then it's a made up jet so who cares? I have two criticisms; I think the nose is too short and the wings too narrow. Hardly disasterous.
In robot mode, the toy replicates the 'conehead' look the character had in cartoon and comic. I like the understated colour scheme of white and grey, but I'm not so sure about the gold. Mind you, it's not terrible, Ramjet has been in ill served in the last few years (Universe Ramjet, I'm looking at you). Because the wings form part of Ramjet's legs rather than his back, Ramjet actually has a better range of movement than Starsream. I'll quickly mention the missile launchers. The missiles are obviously meant to evoke the bombs that came with the original Ramjet toy, and work reasonably well in jet mode. They look pretty awful in robot mode. It would have been nice if Hasbro could have supplied a pair of the cannons from Starscream (and vice versa), so that the missiles could be changes for each mode.
Is this an improvement on the 'standard' version of the mould? No.