Yes. There's a great color cut-away of it as well and shows ingress/egress with an average sized human and how they'd jump in the suit.
It's something on my "to-do" list when Hasbro's killed the line (which could happen sooner than later if these huge assed gaps keep up in getting new stuff all year long, haha).
WEG designed it originally, and it's great. The SNAKE armor is a good analogy too... The suit doesn't really come apart like that "in reality", but it'd be a cool way to get it done if Hasbro were to do it. I'm pretty sure they won't though. Hey, you never know though right?