Excellent review there Spacedust.
Like yourself, I got mine for Christmas... Man, I'm thinking it must've been Christmas of '82. I remember being of the first of my friends to get one. My uncle scored it for me and my brothers. It being a big present, I was instructed to share it with them too. Which I did, fortunately, my brothers weren't nearly the He-Man nut I was, so over time, it was known to belong to me. Mwahahahaha!
Sad thing on mine was... right out of the box, the trap door mechanism had busted. So all my childhood, I used various methods of popsickle sticks and tooth picks glued together to replace the broken mechanism. It really bummed me out as the trap door was most definately my favorite feature of the playset.
Another favorite feature would've been the "Jaw-Bridge", I loved and love the detailing in that thing! Also loved the lock on it, only to be opened with the Power Sword!
And finally, I think it was the very next Christmas, I got Point Dread and the Talon Fighter! And the fact that it attatched to Grayskull was amazing to me, I LOVED that playset all the more, all over again!
Ah, back in the day when geniuses worked in Mattel's boys department.