I came across this while browsing BBTS: 'Create Your Own Super-Hero' kit. It comes with three 4" tall figures, accessories, paints, and a decal sheet.
It's made by Emce Toys, the same company that released those 1/6 (12" figure) 'Make your own Zombie' kit last year.
The figures look to be articulated like 1990's DC Direct figures (no balljoints), but might be a fun project for someone who wants to try their hand at customizing. :)