Honestly, I'm not sure I get why the panels are red-tinted and normal in turn. On either the "why" in the "physical" sense, ie: why the lighting would be different (maybe lightning, with the references to "a flash of enlightenment" and "blood and thunder" a bit later, but it seems too regular), or the more symbolic sense. Maybe I'm being slow today.
Man, what is it with Rorschach and food? Is it just supposed to be pointing out that he's not really stable enough to have a steady income and thus doesn't have much money for food? (See also: the landlady and rent and such.)
Also: lots of triangles throughout the chapter. Not sure if it's supposed to have any deeper symbolic meaning, or just a theme to pull the disparate threads together.
Honestly, the pirate comic bits get a bit annoying to me in this one. They just go on for too long, finally distracting from the main events more than supplementing them. It's an interesting storytelling device, but I think just overplayed in this particular instance.
Gay Women Against Rape. Hrm, was this supposed to be a subtle reference to the band GWAR, which was barely in existance then? I don't even know if they were well known at the time. Maybe I'm reaching, there.
The "raw shark" thing threw me at first, since it was tangled up with the sharks from the comic, it took me a good bit to realize that he was just mishearing "Rorschach."
I'm not sure if I'm surprised or not that Rorschach gets so violent on the police. On the one hand, he's a violent psychopath. On the other, for all his many faults, he's got a sense of justice and morality at the core, which you'd think would keep him from hurting policemen so badly.
And the demasking of good ol' Rorschach: I couldn't remember how far into the series that came.
Interesting that the quote at the end and title of the chapter come from a poem by Blake, when a "hero" named Blake was at the start of the whole mess. I wonder if it's a coincidence, or if the poem was picked for that reason, or if the name of the Comedian was picked for that reason... hard to tell.
And this time the texty bits at the end are about comics, and give a bit more background on the pirate comic. It's an interesting idea overall, in a world where superheroes are real, the popular comics turned out to be about something different in the end. But really I think this is one of the less important text epilogues, even if it does flesh out the comic used during the story a bit.