So there's a line of figures called chibi-arts, and they make One Piece characters. So far only 3 have been released, but at a recent Tamashii Nation convention they showcased prototypes of possible future releases. Super cute~!! The Princess Shirahoshi figure is adorable! What's not to love about a mermaid with long pink hair? ♡♥♡
Perona and Zoro! ♡
Two of my three favorite One Piece characters (the other is Chopper~)
Perona is slated for release in March 2012, Zoro is a prototype.
Close up of Zoro, holding a barbequed fish and a mug of beer. ♥
Chibi-arts figures usually come with extra facial expressions and extra arms in different poses, but since this is still a prototype, not sure what the other arms will be holding. But at least one should have swords for sure!
Vivi, Nami, Sanji and Nico Robin. ♡♥♡
Other than Nami, the rest are prototypes!
(Nami came out in Oct 2011)
Close-up of Vivi.
Close-up of Sanji, holding a cake with Nami's head :P
Close-up of Nico Robin
Love that's it's the pre-timeskip version, I think her outfit was cuter!
Another favorite character of mine, Chopper! ♡♥♡
A prototype, looking adorable with the mushroom.
Close-up of Chopper.
The above pictures were taken during the Tamashii Nation 2011 event last month, where Tamashii Nation, the company (under Bandai, remember, almost all toys are made by Bandai!) that produces the toys, showcased future products. Photography was not allowed for the public, other than the first picture, these pictures came from HobbyStock.
To be honest, other than Chopper, the rest of the One Piece characters aren't very "cute". But chibi-fy them and they become the most adorable things ever! Making something chibi is like rearranging their proportions to give an over-sized head and tiny limbs in proportion to the body.
As mentioned, they come with interchangeable faces, limbs, bodies and for Boa Hancock's case, interchangeable hair and legs as well. The limbs are rotatable, and a stand to prop up the figure comes along with the kit. 
They even include a bunch of quotes in speech/effect bubbles that you can put on a stand and display together with the figure :D 
Luffy's parts - 3 faces, 3 sets of arms, 2 torsos, 1 set of legs, a hat, a cape, a mug and a drumstick.
Luffy's captions.
Nami came out end-Oct 2011. 
She comes with 3 faces, sets of legs - kneeling and standing, 
Shinsekai Nami and Sanji figures for comparison.
