That was a very interesting read. A few thoughts, spoiled since you liberally reference SoD spoilers in your analysis.

Spoiler
Show
One thing that you touched on, but didn't outright state, is Xykon's role in setting the tone for the story. When he's relaxed and joking, the story as a whole tends to be relaxed and joking, but when Xykon gets angry, even when we simply know that he's angry while following the Order of the Stick, there is a sense of dread that permeates the comic. This was true when we saw Redcloak finally begin to settle down in his goblin village and knew it couldn't last, and it was true during the vast majority of the arc on the western continent, where we continue to wait for the moment when Xykon and Redcloak teleport in and completely change the dynamic with the Order and Tarquin.



The conclusion of my spoiler being that Xykon has become larger than life in this comic. He's a presence that can be felt and create tension even when he's not on panel, simply by knowing his current mood and intentions.