Never liked Cthulhu designs with an external mouth, or with the tentacles coming out of a fissure in the head -- it should feel like a mass of feelers.
I like Davis' design -- again with the exception of the tentacles coming out of the "mouth" fissure -- especially how he treats the wings like the fins of a manta ray. That's innovative compared to other renditions which tend to represent typical vertebrate wings (either skinned bird wings with membranes or bat wings), though I don't mind those.