Well, from what I've seen, you don't actually "make" your character. There are four basic templates: the male hero, the female hero, the onion kid (at least I think that's what he is) and the tall thing with a helmet. There are somewhere between 5 and 10 variations of each template character, giving anywhere between 20 and 40 options for the character model or models you wish to use. There might be room for further customization, but from what I've seen, it doesn't look like it.