Nick Mamatas - Was H.P. Lovecraft a good writer?: "There's a petition going around requesting that the World Fantasy Award change its prize from a bust of H.P. Lovecraft to one of Octavia Butler, and it is a ridiculous petition for several reasons."
The issue has made people propose alternate symbols for the award. One suggested a hobbit, but the people objecting to Lovecraft wouldn't be happy with a smaller straight white guy. Nick's proposal for a chimera is solid.