Buddharūpa (बुद्धरूप, literally, 'Form of the Awakened One') is the Sanskrit and Pali term used in Buddhism for statues or models of the Buddha.
The elongated earlobes are vestiges of his life as a prince, when he wore extravagant jewellery. The "head protuberance" symbolises the loose connection between the mind and the body of a Buddha or Bodhisattva.
The Buddharupa most Westerners are familiar with is the Hotei "Happy" or "Laughing" Buddha. He is depicted as fat and happy, often travelling or bearing wealth. This is a Chinese image, and is in fact a Chinese Buddhist monk who so completely and totally embodied the buddha-nature of all sentient beings that he was considered to himself be a Buddha.
Sometimes he is holding various symbolic objects, or making symbolic mudras (gestures).
The clothing also varies; in China and Japan, where it is considered socially improper for monks and nuns to expose the upper arm, the Buddharupa has a tunic and long sleeves, much like the traditional monks and nuns, while in India they are often topless.