This looks appalling to my eyes albeit these renders probably don't do it any favours as it looks like a flipping Terminator (and even the grim reaper in that other pic below)
The best thing about it would be the apparent location over looking the
north quays from possibly
just inside the Kilkenny border ("planning permission denied"

) .

http://www.munster-express.ie/front-page-news/investment-secured-for-%E2%80%98guardian-of-the-deise%E2%80%99/
Private investment has been secured for the proposed ‘Guardian of the Déise’ project.
The substantial investment means plans by local wood carver John Hayes can now proceed to the next stage.A delighted John says he is “chuffed” to have secured backing from the private sector for the ambitious project.
As revealed in The Munster Express last year, John aims to create a 200ft high Guardian which will be situated at a height overlooking Waterford City.Possessing an interactive element, visitors will be able to enter the sculpture and climb through the Guardian’s body where they will be rewarded with a spectacular view across Waterford City and the surrounding region
Obviously that it would be privately funded is good thing as you'd be waiting
forever for a government dept to sanction monies from the Galway Arts Slush Fund account.