This will be extremely spoilery, so HIGHLIGHT the text to read:
Wesley ain't gone. It seems as if he is somehow tied to Wolfram and Hart so, now that it's all sorts of blown to bits, he's disappeared. Thing is, though... what would be the reason of having him back and introducing the whole interesting "Should we trust Wes" plot line, just to have him *bloop* disappear after four issues. Wouldn't happen. My speculation is that when he does come back, he'll be corporeal. Wolfram and Hart learns from their mistakes, and keeping him linked so closely to the building--a finite thing, both Gunn and the Beast would testify to that--was a huge mistake.
It looks like those demons Lorne showed Angel are the champions that the Lords of LA chose. That means Angel is going to have to fight She-Skip (He-Skip was a badass, holy crap), a T-Rex, and some demon so strong that the Lord keeps it handcuffed.
Brian confirmed on the Dark Horse boards that Spike's weapon is NOT Fray's scythe. Could be that Spike fashioned a lookalike for himself. Thing does work damn well. About Spike time-slipping because of being all close to Illyria... I can't really comment, as I simply have no idea where that's going. Brian also said Illyria is going to be in #5, so maybe her time-slipping will help with the fight.
Spike will absolutely be the champion Illyria picks to "fight" Angel. It'll be the reason why they're fighting on the cover of #5. BUT... methinks Spike will--as he does--turn at the last moment, showing he was on Angel's side all along (sort of like Cartman in the Wal-Mart episode). So I'm guessing the fight will be Angel, Groosalug, Spike, and MAYBE GUNN (who wants to kill Angel himself) facing off against the LA Lord's champions. Big blowout, much?
Ah, speculation, I barely knew thee...