While not specifically "Lutterworth East" related, there has been some discussion on Lutterworth Town facebook page over the last few days in terms of what is happening at the Whittle Roundabout. Firstly, as far as we are aware, the aeroplane is remaining - don't read that as "it may be going", it's just that it hasn't been mentioned at all, so there is no reason to suspect that it will be removed.
As far as what is happening to the roundabout itself, thanks to Lutterworth Town Mayor Brian Poulter (who got hold of the plans) and Town Clerk Andy Ellis (who circulated them), we can see below what the final roundabout will look like. Essentially, there are left hand filter lanes being added which should improve traffic flow and reduce queues, and the capacity of the roundabout is being increased with an additional lane.
Hope that answers some questions.