He is plain evil in this one with a very very dark sense of humour not the maniacal joker he became in the last episode. Also, there is a (rather weak) attempt to keep the killer's entity shrouded. It may be Andy or Chucky. In hindsight, it seems obvious it's Chucky but Holland was going for something interesting here.
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It wasn't weak, it's been decades since Child's Play was released and that kind of twist hadnt been used so often in movies back then. Add in that it predates the Internet and the only thing you had to go on was the trailer. The original trailer, the only one I've seen, has a voice over that implies its Chucky but it's cut so that it's very difficult to tell if its actually a moving doll.
It's only given away when Chucky's hand and laugh are revealed when he kills Eddie. Had that laugh and hand been left out, the only time you'd know it was Chucky for sure would be the big living room reveal.
As well as the fact that the opening is blatantly supernatural, a very sentient Chucky looks at the door to see if the mom is still there before replying to Andy, Andy magically finds Eddie's secret hideout, and is walking around outside while Chucky sets up the explosion. Besides all that, it's a total mystery who the killer is.
http://www.youtube.com/watch?v=F2BKWx_0qK0