I for one would welcome it. There are a lot of substandard card designs (*cough, cough... Steward of Gondor...cough*) and clunky mechanics (*4 players, 1 active location anyone?,) that could be learned from and perfected in a second edition. LOTR:LCG was an experiment that succeeded greatly, and we can already see some lessons learned applied to the design of the new Lovecraft LCG. They've had a chance to experiment with A LOT of game mechanics that could be incorporated into the base game or set up for similar scenario mechanics with more finesse. I also look at how much better designed and more thematic just about every nightmare deck is over it's early cycle predecessors.
Discuss