Panel 1: We start things off with Annie standing on the porch holding Leah and asking Elly if she's got time for coffee.
Panel 2: Elly smiles and thought-bubbles "The magic words" because she's always got time for coffee; after all, spending hours drinking coffee allows her plenty of time to complain about how nothing seems to get done.
Panel 3: Now that she and Leah have sat down at the table to talk shit about Connie, Annie compliments Elly on the yummy-looking Christmas cookies she doesn't know that Elly couldn't bake if she lived to be a million.
Panel 4: She tells Annie that they always had them when she was a kid.
Panel 5: She says that Marian would make coloured dough and roll it into all kinds of shapes.
Panel 6: She then says that Marian would roll out and make wreaths and candy canes and that Christmas wasn't Christmas without her cookies.
Panel 7: When Anne says something about terrible cook Elly carrying on that wonderful tradition, Elly says that she's only sort of done so.
Panel 8: When Elly confesses to buying them from someone who bakes like her mother does, Annie is for some reason gobsmacked despite having lived next door to her for ten years and watching Elly run around in circles getting very little done.
Summary: This could be yet another example of Anne assuming that Elly has not much to do all day and being astonished that she never acts like a mother is 'supposed' to. It could also be another example of Anne never having eaten anything Elly cooked and thus realizing that her neighbour is a Cordon Bleugh Chef. Oh, Elly could make cookies herself but for some reason, they don't have a recipe that allows you to bake them in a slow cooker.
Also, as howtheduck points out, this is the first Christmas Lynn had to go through without her mother in it and the message is rather nasty when you get right down to it. We're being told that her mother can be replaced and her traditions set at naught because she's a BAD person who bossed poor Lindy and is why she's always had a voice in her head telling her that she was no good.