Giant statue on the island, the rest of the four-toed statue?

The eighth hour of season 5, "LaFleur," picks up right where we last saw Sawyer, Juliet, Miles and Jin. They're standing where the well just after the last flash where Locke fell to the frozen donkey wheel. After this flash, the show revealed something huge to us, both physically and mentally. Miles points out that they seem to have flashed way back in time and proves this by pointing to a giant statue erected towards the beach. Could this be the rest of the four-toed statue we first saw? It seems very possible. Some are speculating that it looks like the Egyptian god Horus. The statue could be holding the same item that Horus is holding in the sketch below. The item also happens to look just like Amy's necklace (that post will come later). All we see is the back of the statue and only for a few seconds.

The sky lights up again as Locke is turning the frozen donkey wheel and the island moves to a time when the well is still there and the statue is gone. Sawyer attempts to jump in the well to help Locke, but the well is filled in. Sawyer's plan is for the group to wait for Locke to get back, no matter how long it takes.