In the cover photo, taken by Annie Leibovitz, Obama is leaning on a soft beige sofa at the Hay-Adams Hotel, where the first family stayed days before the historic inauguration. Obama is wearing a magenta dress by Jason Wu, who designed her inaugural ball gown. Her right hand rests under her chin. Her left hand folded beneath her. She is wearing a diamond that you do not often see her wearing in recent appearances. Behind her, light streams in between curtains. [source]More on the upcoming issue here.
Update: Perez has got the picture here.