Blackbeard is exclusive to sets Aqua de Vida (4192) and Queen Anne's Revenge (4195).
Parts and Accessories
Blackbeard is composed of five parts - hat/hair piece combo, head, beard, torso, and legs.
It is expected that the hat is a separate piece from the beard. The hat is a new part for the LEGO universe in black. As 'Captain Thomas Foolery' pointed out, the gray tendrils are lit cannon fuses, a trait the real Blackbeard was purported to wear to intimidate the enemy.
The head is a new print in light flesh. Bushy brows and wrinkles around the eyes. There may be a beard print on the face, in the same way that recent bearded figures like Sensei Wu and the Lawn Gnome, but it remains unknown for now. It's also unlikely that the head is dual-sided, but possible.
The beard appears to be a new part in black. There didn't appear to be any beards with four braids on BrickLink.
The torso and arms are black with light flesh hands. The print on the torso resembles a captains coat with belts. It is not known if there is print on the back of the torso.
The legs and hips are black with print continuing from the torso.
Army Building Potential
The ABP for this minifigure is low. There is only one Blackbeard...
The Big Draw
There's a lot to like about Blackbeard. The torso and leg prints will be popular among Pirates fans, as will the hat. The beard can be a new addition to dwarven armies, and the Sword of Triton is just 'neat'. Expect this to be a popular minifigure from this series.