With Batman & Robin coming out only two years after Batman Forever, Kenner were under pressure to get the figures made in time for the film's release. The timeline for designing, producing, and shipping out figures is usually a minimum of 18 months. So Kenner had to be smart, and one of the advantages they had was that they could repaint a few from the Batman Forever line.
Ice Blade Batman is one such example. A minor repaint and head replacement. I really liked this figure in the Forever line but this version feels like a bit of a downgrade. First off, there's no translucent elements to the figure. Secondly there's the weird purple and yellow colour scheme.
All in all I think this is one for just the diehard Kenner fans who want every figure.