Ours arrived yesterday. It's a really nice-looking issue.
Lovecraft is a great writer. Purple at times, yes, but he is increasingly being allowed into the canon of American literature, even by stuffy academic types.
I've seen the issue (again, it just came in to our office yesterday), and it not only mentions who the next Demonomicon is about, but it shows the sketch to the issue's cover which is of said Chaotic Evil individual.
The Dragon staff still won't let me spoil who it is though.