4U 2206+54 does not belong to any of the predefined classes of High Mass X-Ray Binary Systems (HMXRBs). It shows a mixture of behaviors between the wind-fed accretion systems with a supergiant optical companion, and those systems with a neutron star accreting from the disc of a main sequence Be star. The nature of the compact component to the system has been clarified only recently with the discovery of long 5560 s pulsations, with a highly variable pulse shape, both with time and with energy. Absorption lines resembling cyclotron resonant scattering features (CRSF) have been marginally detected by different missions, but only in specified times, being the non-detection the common rule. The values of he magnetic field derived from the possible CRSF and those needed to explain the long spin period differ considerably. This system may be representative of an early stage of evolution of HMXRBs, a very difficult phase to observe. We discuss the pulse period and its variability, the orbital period, and the high energy properties of the source and explore the possible connection with supergiant systems (2S 0114+650, GX 301-2, IGR J16358-4726) and main sequence/Be systems (X Per) which also posses highly magnetized neutron stars.