Wow, what a great issue. JMS has a tendency to be maudlin and over-dramatic, in my opinion, but the natural gravity he puts into all his work really does the trick in this issue. This story could support a mini-series or event comic, but the story of The Demon and Aquaman holding off Cthullu works well in just a few pages. JMS even gives multiple pages to a seaman fearing he's lost his sanity, but there is still enough action. The Demon's rhyming is a bit tedious and long-winded, but there is no arguing with his effectiveness in a fight. The real star of the issue is Aquaman. In both description (from the seaman) and the action, it is clear how powerful and impressive Aquaman can be. When he wrangles up a tidal wave of sea creatures to battle the Innsmouthian followers of Cthullu, it is dramatic and exciting.
The story wouldn't work half as well without Jesus Saiz's artwork. The Demon is a perfect mix of horror and Kirby. Aquaman is regal and yet relatable. His take on Cthullu is breathtaking. A red, octopus-headed behemoth that is horrible and exciting at the same time. Great issue.