His attire and pocket watch are anachronistic for typical D&D.The top hat wearing figure is interesting in a couple ways: or they might be there to evoke the Court of Stars, a sort of parliament between Seelie and Unseelie hosted by the Summer Queen Titania. Then again, the star relationship and their varying colors may just be artistic flourish. It's possible there's a constellation being displayed, but I'm not enough of a FR lore buff to know what that might be. That kind of inventiveness makes it seem like the 'child' following the beast might be a gnome. The displacer beast's tentacles are upright and outstretched like the 'bent' of a bird's wing and giant monarch butterfly wings have been attached with some kind of straps. Some things that pop out to me as I'm looking at the cover spread further.
Actually, the 4e Heroes of the Feywild had a mini-choose your own adventure section for creating your character's unique background (instead of choosing a background).
Yeah the color choice, the way the top edges of the graphic curve inward, even the font choice/scaling are definitely reminiscent of some of the Endless Quest books.