I just received this retro Robin figure yesterday in a package of toys from the Cosmic Arc. I wanted to post about him right away. As a kid I had the Super Powers Robin and loved him. I don't actually know what happened to that figure, but I'm happy to have this almost identical replacement.
After the release of the 1989 Batman movie Toy Biz put out a line of toys that were based on old Kenner figures from the Super Powers line. The only real difference between this figure and the older version is that he has a lever on his back to activate his karate chop action instead of squeezing his legs.
As a kid I used to like to put his cape on the Cobra-La Royal Guard from GI Joe. If you've seen the animated Joe movie you may remember that they wore green capes not included with their action figures.