The second issue (of four) has just been released. In the arena of comics that aren't actually published by pornographers, this is probably the most sexualized comic since Moore's Lost Girls. The fact that it's explicitly a Mythos story brings the extra squick. The sexuality has prompted at least one comic shop to post the following on its website:
Due to the pornographic content in this issue, Secret Headquarters is sad to announce that we will not be offering it for sale, on the shelf or to subscribers.
We also will not be carrying any further issues of this series.
Secret Headquarters is deeply dismayed that Alan Moore continues to use his reputation as a quality comics author to promote his bizarre sexual philosophies.
We apologize for any inconvenience this causes our regulars who purchased #1 in good faith.
Personally, I think it's rather brilliant, and I can't wait to see where it goes (ho ho ho).