I remember reading a novel when I was younger which used this painting as a plot point - supposedly there was some huge secret hidden in it. Operation Red Jericho, I think - must reread sometime.
Hope you enjoy it! One suggestion would be definitely read it in print. The book is packed full of diagrams, images and diary entries which I feel wouldn't work well on an e-reader.
Obviously this guy didn't properly UV map the skull texture on the quad! Seriously though, this is very impressive trick done by a very talented artist.
It's at the National Gallery in London, so I've seen it a fair few times, and I've got to say, the "just showing off" theory is pretty supportable. That entire painting looks like The Da Vinci Code. Laden with symbols and impressive bits of painting.