It is, indeed, the Human Torch, AKA Johnny Storm, who dies in Fantastic Four 587, the latest issue, which hits newsstands today. Other members of the group include the Human Torch's sister, the Invisible Woman (nee Invisible Girl), her husband, the elastic scientist Mr. Fantastic (Reed Richards) and the angst-ridden Thing (Ben Grimm).
The Human Torch is often called a hot-head, and based on his powers, he is a hot-head. But the Torch has also been portrayed as immature and rash, and that contributed to his hot-head status.
Although issues normally hit on Wednesday, Marvel Comics has given permission for the issue to be put out early, if they reach comic stores today. Thus, readers may be able to see the death of Johnny Storm, who dies protecting his niece and nephew from a horde of insect like creatures, a day sooner than normal.
However, deaths in comics are rarely permanent. Examples of past heroes being killed and later resurrected include Jean Grey, Superman, Barry Allen's Flash, Hal Jordan's Green Lantern, and Captain America. All returned after their deaths. There is therefore little reason to believe the Human Torch has been snuffed out for good. Deaths in comics are seldom permanent, more so for villains than for heroes, however.
Sometimes the resurrections reinvigorate a series to an unbelievable point. Hal Jordan's Green Lantern, once believed to be an old fogey, which is why he was replaced by Kyle Raynor, is now seen as one of the best, if not the best, written comics at DC. He is also seen as a flagship character, and will have a movie coming out this summer.
That said, there will probably be another hero who steps into the void left by Storm's demise, at least for now. The death will probably also mean something else: "hotter" sales for the FF, at least short term.