While a lot of the vehicles for GI Joe were based on real life military vehicles, the Sky Hawk was very much a sci fi kind of vehicle. In some ways it is very cool. It's really well armed for its size. It has two machine guns molded into the sides of the vehicle, two cannons that swivel on the underside, and two rockets mounted beside the skids. It's also a VTOL (Vertical Takeoff Or Landing) vehicle, making it very versitile. It holds one pilot and a couple of guys can ride (at their own risk) on the skids. And, in my opinion, it just looks cool. However, there are some glaring impossibilities with this vehicle. For one thing, the engines are so far back, if it really did try and take off, it would just flip over. Also, with no wings, it would be real hard to maintain vertical flight. Plus there doesn't appear to be much space in the fuselage for gas or ammo. But with a little imagination, these impossiblities don't take away from the fun of playing with this aircraft. review by scott smith
Mold was later reused for the 1989 Sky Patrol Sky Hawk.
From the catalog:

GI Joe's dramatic verticle take off and landing machine, designed fo special missions where "combat emergency" take off is critical! Position engines upward and the Sky Hawk blasts off. Then rotate the engines and it roars through the air.