I've tried it several different ways CC and I like them all for different reasons (kind of like you outlined above). It's fun to string the reader along to the very end... but then you do have to find away to "explain" why the villain was doing what they were doing and what their motivations are.
I've also let the readers know from the very beginning who a villain is, and that's also fun... but since they don't have to figure out WHO the bad guy is... I usually try to make them figure out what the bad guy is up to and how they are going to accomplish it.
But yes, the middle of the road one is a very nice choice. You get to string them along for at least a little while that way... <g>
It's also fun to have several different villains - or at least the "appearance" that there are more than one. Then you can have false positives <g> Ooooh, and fun too to try making a normally good character look like they are possibly a bad guy. <g>
Okay, I've babbled quite long enough now and I'm not sure I've even really been helpful or made any sense at all - so I'll stop. <g>
-- DJ
P.S. - Favorite colors -- depends. For just a straight out answer, purple. But if you are talking about clothing or how I decorate my house well then that's a totally different answer. <g>
