I do not think it is a good analysis. Actually, I think it fails at actually "analyzing" anything, which would require going much deeper than this mostly descriptive text does.
It is a very good description of what we see in the comic and what is stated plainly during SoD and the online-strips, but the average thread on Xykon (Team Evil, etc) on this forum has deeper insights into Xykon as character, how our perception of him changed, his psychological motives, his relation to various characters and his role(s) in the narrative.
"Good" threads about Xykon drop some really interesting gems beyond/about those aspects mentioned.
Just read Anarion's comment above as example. Those few lines already go deeper than the linked article, as they actually enter a meta-layer.
The text there serves nicely at summarizing what we have learned about Xykon to get people who do not know OotS interested, but for that it's somewhat spoiler-heavy.