Alright, so Cole just looks weird in that first panel. Maybe it's just because we don't see the legs very often, much less in motion. But his shirt looks like a thick sweater or something at the bottom. That's my only art nitpick.
So yeah, it's a panda strip. I sort of thought we were done with these since the "panda-chun" storyline but I guess not. And this is a clever twist on the usual gag, I admit.
I didn't find it especially funny, but your milage may vary.
Yes, I do recommend it; its very popularity is what recommends it. It is the ultimate example that web comics can have mainstream appeal, and shouldn't be disregarded by the industry just because they're web comics.