I'm confused about the delays, but if the end product is good it doesn't matter to me.
This is...interesting. I think I have a lot of problems with it, but it's also provided more meat for me to chew on than just about any recent series I can think of. One thing that a lot of people are having problems with is that the references are pretty heavily British, and this is an era where British and American pop culture are diverging pretty heavily, so a lot of it flies over North American's heads.
The important references are to The Avengers (the British TV show, not the comic book characters), the Mick Jagger-starring film Performance (and the Rolling Stones in general), Get Carter, and a bunch of British superheroes of the era. (And Oliver Haddo/Aleister Crowley, returned from the last volume. And, oddly enough, Lord Voldemort.) The big problem I have is that the Easter eggs are just that, Easter eggs. Jerry Cornelius shows up, but it's just a quick cameo; I'm really disappointed that he wasn't a bigger part of the story. Likewise, I guess there are copyright issues with Doctor Who, but still, you'd think his specter would hang over a 1969 version of the League the way Sherlock Holmes did the Victorian version. Instead he's just a face in the crowd. The focus is still squarely on Mina, Allan and Orlando, which is understandable, but they've basically become completely new characters at this point, and the story Moore is telling doesn't seem to hang on cultural references, but rather funhouse-mirror versions of real events (the death of Brian Jones and the Stones concert in Hyde park, primarily) which means that this is starting to feel like a whole other thing with a lot of cameos grafted on. Surely part of the appeal of LoEG should be "drafting" a new League in each era? Someone actually suggested that it would have been ballsy of Moore to ditch Mina, Allan and Orlando entirely and create a new League, and I actually agree. It's especially notable since Jack Carter has a hell of a lot more to do with stopping the villain and saving the day than the League does. If he'd been part of the League, they certainly would have come off as quite so useless.
Which is a shame, because if you strip away the expectations, the story Moore is telling is legitimately fascinating, even focusing solely on this volume and ignoring the larger story of "Century". You can tell Moore's had a big magnum opus about the 60s bubbling away at the back of his brain for years now (possibly "1963" was an early, abortive attempt at telling it?) and here he gets to tell it. It's a lot more complex and interesting than "Oh man, the 60s were awesome, man" or even "the 60s had a dark side". One of the most interesting motifs is the linking of the 60s to childhood and innocence--the very first panel is a statue of Winnie the Pooh, and then by the end, well, innocence lost. Also very cool, and something I wish Moore had looked at in more depth: the idea that the superhero is kind of the ultimate summation of 60s culture, which really seems insightful. Certainly you can make a pretty strong argument that the 60s were the heyday of the superhero, and that it's all been downhill since then.
Then there's the ominous hinting at stuff to come, including a glimpse at 2009 which, in the League Universe, seems to have become a fascist state even worse than Big Brother's. All of this may be linked to the recurring interference of Oliver Haddo, and there's a very strong implication that the "Moonchild"/Antichrist he longs to create is going to turn out to be a certain boy wizard. You can see all the ominous stuff creeping in around the edges, the corporatization of everything, the looming, gleaming towers being built--the idea being that this totalitarian regime reflects the way fiction and pop culture is bound up by corporate owners and endlessly exploited as of the present.
My initial reading of this volume was somewhat disappointed, but I keep going back to it over and over again in my mind. It's really a staggering achievement on several levels, even if it fails on several others. I do kind of wish Moore hadn't tried to make this a League sequel but instead just told a story about the 60s, but I guess some of the power of the story comes from the fact that these are characters "of their time" that reflect the time and place more honestly, despite being imaginary, than any after-the-fact editorializing could do. Which is a neat trick to pull off at this far remove.