I'll cut to the chase first, then give my long winded account afterwards -
Yes folks, that is in fact the elusive, mythical, legendary, Holy Grail "Wonderbread He-Man."
There is a lot of speculation, and little real, corroborative info on this figure. Assumptions range from it being a mail away promo from Wonder Bread to it being an initial-run figure that got dumped on the foreign market: He-Man may have started life as to be Conan, before Mattel shifted the character and series to the in-house idea of "He-Man" (due to licensing or violence or what-not.)
He may have come with a couple red accessories (axe and sword) and he may have come with this black chestpiece.
Whatever the case may be, he's as elusive as the facts surrounding him.
And he was in the bottom of a five dollar box of MOTU stuff at the flea market today! I didn't even know it until I got the box home, I was just excited to hear the box was five bucks - with a BUNCH of figures and accessories, Snake Mountain, and both "Cats" - all in very good to excellent shape!!!
"Amazing" is an understatement. I'm still in shock! There's a lot here, so I'll be adding more posts soon of the highlights.
UPDATE: I've added more on Wonder Bread He-Man HERE