UPDATE: As of February 3 2012, the site RiseOfTheBeasts.com is up as a teaser for this line.
While this blog is primarily devoted to the upcoming Diamond line, it's worth noting that there are some other figures out there in development similar to the original Battle Beasts. This thread on LittleRubberGuys.com has pictures of four figures in development, one of which looks to be a squat little guy just like the 1980s originals, while the other three are clearly inspired by the classic toys. Pre-orders and a Kickstarter campaign are coming soon, you can read some of that here.
The line has no known name other than "ROTB," and no manufacturer name is given. But hey, I like chunky figures and these look pretty neat!