Yes, that is a godzilla sized bowser. You might have already seen some glitches and cool stuff for Super Smash Bros meele wich being one of the most played games ever has been studied by people who wants to know every litle secret of the game.

With some help of the debug menu, the guys at n-philes have a really good article on the subject. From the 60 existing stages to the 6 player mode there´s some really cool stuff hidden in your SSBM copy, stuff you weren´t supposed to see.

Link | N-Philes