When the launch issue was met with mixed reviews, speculation began swirling about Lipman's future and Impoco's name was floated as a successor. (Some who heard the rumors suspected Impoco himself had helped them along.)

Though Lipman may have her detractors at 4 Times Square and elsewhere, she still has many fans at Condé Nast headquarters including, sources insist, chairman S.I. Newhouse Jr. Vogue editor in chief Anna Wintour is said to be friendly with her, even stopping by Lipman's office once.

And, regardless of any staff infighting, what really matters, of course, is the product. As one media observer put it: "If the magazine is hot and good, [other Condé Nasters] will welcome her."

The next issue, which appears Monday, is said to once again eschew a portrait in favor of a faceless industrial shot. One source said the cover story was about Cerberus Capital, which recently bought Chrysler. — Irin Carmon and Stephanie D. Smith