I didn't have a WereBear when I was small, though I did have a WereBear comic and the song from the advert remains stuck in my brain.
As a regular teddy bear, the WereBears are - as you might expect - exactly the same as a regular teddy. Soft and cuddly with nothing to indicate the horrors beneath. Turn the head inside out, do the same with the paws and you have a really quite fearsome beast. Evil eyes, claws and plenty of long, pointy teeth (except for 'Gums' who came toothless. It's no surprise he was the least popular with boys). The teeth are plastic, but soft and thus WereBear can still be cuddled without fear of injury.
One thing I noticed, having one in hand after only 30 years of waiting, is that WereBears are machine washable (the first thing you look for as a parent). No 'surface wash only' with these guys. No that I've actually attempted to shove it in the washing machine, but the option is there, apparently.