You guessed correctly - this month's design is a SEAHORSE!
Meet Flotsam the Fascinating Seahorse...
If you'd like to join in the fun of making your own seahorse - then come on over here to join us in my Ravelry group. We're a very friendly bunch, and love to see new members.
The pattern (untested) is available for free to those participating in the Monthly Challenge. I've had about 20 people already sign up to make him... and one is already finished (you're amazing Julie!)
Or if you prefer to wait for the fully tested version of the pattern, it will be available for sale in January 2013... which SOUNDS like it's a long way off, but is really just around the corner.