Finally I'm done with this. Been taking too long with it. Rough drawings were marinating in my sketchbook for about a year now lol. Supposed to have drawn in the vehicle mode in the background but I'll leave that as something separate for now. Now for a try at a bit of the story to go along with the pic.
The "Phase Phoenix" is a prototype "Armored Mechanical System". Only a few were built. The first prototype was larger but not much is known about it since it mysteriously vanished and the other prototypes are thought to be destroyed by sabotage.
The Phase Phoenix includes an ability known as "phasing". Phasing creates a field that causes any matter within it to vibrate at a particular frequency. This vibration is so intense that it can cause matter to shift in and out of this dimension. Phase tech is unpredictable and can have unexpected results.
The Phase Phoenix is also capable of (ridiculously) separating into 4 smaller flying vehicles; 2 main ships that are piloted and 2 independent drones that have an artificial intelligence system built in to assist the two pilots.
The pair of pilots are some of the last remaining members of an organization called the "Galactic Hounds"(?). At its prime, the Galactic Hounds were filled with mercenaries and treasure hunters from around the galaxy.
[Edited 6-8-09:] Edits to contrast/brightness and other bits.
(a closer look at the mechanical head [link]