It's certainly possible Smith had the good old order/chaos dichotomy in mind but to be honest it feels a bit low-effort, and I'm not sure how much it even fits the spirit of the story which appears to be about 'the sunny valleys of the past', to use a friend's beloved phrase. Aforgomon is also more than once referred to as 'the time-god' which seems to place a fairly clear focus on his dominion over the temporal dimension and not much else.
I suppose it makes sense for Smith to intentionally leave it vague since 'What rivals Time?' sounds like a fun question.
Somewhat related, another minor divinity that piqued my interest is Leniqua from The Theft of the Thirty-Nine Girdles, mainly because of how similar his name sounds to some of Tsathoggua's names, such as Sodagui and Sadoqua, which makes me wonder if Leniqua too can be found in some other setting, perhaps even someone else's. Could be just a coincidence, obviously.
And then there's of course the lion-headed Ong.
In the poetry thread we talked of The Planet of the Dead and I have to say I love some of these descriptions, allegories, analogies, contrasts, comparisons between Melchior and Antarion, Antarion and Thameera, them and their city, poetry and astronomy, etc.
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