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There's a lot going on visually with these monstrosities so I'm just gonna take a minute to try and break down what exactly we're looking at.
Neo Palkia's hind legs bear clear resemblance to Palkia's legs, while the feathers at the top of its front legs suggest that they're linked to Palkia's arms. The ring around its torso resemble the ring around Arceus's torso, without the spikes. Its feathered tail has no obvious link to any part of Palkia's nor Arceus's design, but may be a reference to the stripes darting around Palkia's body.
Neo Dialga's hind legs more closely resemble Arceus, while the spines on its front knees I think are supposed to be the stripes on Dialga's legs. Its clawed forefeet resemble crude versions of Dialga's feet. The spikes on its torso draw from the spikes on Arceus's torso, without the ring. Finally, the most horrific design choice of all, that weird thing on its neck seems to become Dialga's torso, which begs the question of what Neo Dialga's torso is supposed to be.
It's also worth noting that while Palkia is top heavy and Dialga bottom heavy, Neo Palkia and Neo Dialga are the reverse.
They almost look like the midpoint of an Animorphs cover, or a Transformers toy that's been left halfway between robot and vehicle. It looks like the pieces of Dialga and Palkia have manifested onto Arceus's form, and they're in the process of sliding into place.