This is a magnificent analysis, far above what the work deserves. In response, I will expose you to yet more of this crap. Normally I'd wait until there were multiple strips, but this is a Sunday!
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I actually didn't understand this one at first. I don't know if I'm just retarded or if it's not very clear. For anyone else who doesn't get it, Hobbes is injecting Calvin with estrogen. A couple other notes: Calvin has changed his name again, this time to "Power," which is somehow stupider than Panthera. Also, this is Hobbes' first line in the past ten strips.