#1, the game hasn't come out yet. It's not even testable in beta form. So either Randall hasn't played this game and is just having his characters talk about it by estimation, or, more likely, he got a chance to play it and is writing this comic based on that experience. Perhaps he got to play it at PAX East last weekend. In the end, what this comic is saying is "I got to play this awesome nerdy game that isn't even available to anyone." A few months ago I complained when he made a comic about Scribblenauts on the day it came out, but today he's outdone himself, and made a comic about a game that hasn't come out at all yet (unless you were at PAX East. but were you?) In other words, what he said.
#2, the comic forgot to tell a joke. The first panel establishes that they are in flatland, the second, that the author has played a certain game, the third, that the game can be related to the book Flatland, and the fourth, that the dude has drawn around the square to make him look like a popular children's cartoon character.
#3, "Yes it was" = post punchline dialog
#4. Some people are going to point out that there are two puns in this comic, and that perhaps they are worthy of note. I disagree. The first, "what's up?", could be a pun because a resident of Flatland should have no notion of what "up" is. Of course, that's not true; just like you could look at a map of the earth and say "Alaska is way up by Canada" even though you really mean Alaska is way North by Canada, and not that it is "a certain distance away from the ground." In any case, "What's up?" is an idiom, and is rarely meant literally (unless you need to know what is high off the ground). Flatland has plenty of uses of "up" in other senses (I just checked). So I guess it may count technically as a pun, but it's a silly one (especially as A Square is the one resident of the land who actually knows the answer).
The other pun is in the last panel, "That was out of line." Because, you know, things in flatland...are lines! Sort of, at least. But that's the extent of it - usually a pun will have a second meaning, but this doesn't. To say something is out of line means that it was not cool or perhaps not allowed, or insubordinate or something, which sure, the stick figure is saying he was. But what's the second meaning? Nothing. It'd be like if the last line were "well I guess we've come full CIRCLE" or "this adds another DIMENSION to our relationship" or something like that. Yes, you worked a word related to the topic into a phrase - so what? That's not enough on its own.
#5. The drawing. Look at the square in panel 3. Just look at it! someone just took perspective 101, I see. On the other hand, there is a horizon in this comic - I'd like that more often.
#6. The alt-text. Apparently, this was a joke that Randall made at a convention last weekend (see these two posts). Not just any joke, a joke he said he wouldn't put online! Apparently Person #1 got to see this comic a while ago too? tell us more! Anyway, I think the fact that he went and ran it anyway shows that he is as desperate as we all thought. Anyway, it doesn't make sense, apparently touching someone = having an orgy. I'd hate to see what a packed flatland subway looks like.
Update: Randall had to push his "color name survey" off the front page to bring people this message: "Note: People searching for Miegakure are finding malware. The real site's here.
Any claimed downloads are fake. It's presently only playable at expos." (incidentally, is the last line barely visible for other people? did randall fuck up the formatting or is it just my browser?). Anyway all I have to say about that is maybe your readers wouldn't be searching for playable copies of that game if your comic hadn't implied that there were playable versions of it out there.