As mentioned in today's Living Laser review, the toy we got is the modern look, not the classic. Here, as proof, is what he looked like as a human:
(That's not his first costume, but it is his best-known.)
Here's how he looked after getting a big power upgrade:
And of course, the one on which the toy is based:
Bonus info! ToyBiz planned to make a Living Laser toy in Series 5 of their Iron Man line, but that entire assortment got cancelled.
The figure was based on an also-cancelled USAgent, and to recoup the mold costs, was eventually repurposed as "Astral Armor Professor Xavier."