Panel 1: Elly, who is holding Farley to protect him, tells Mike that she knows that he loves him but is loving him too much.
Panel 2: She then asks how he would feel if some gigantic entity reached down from the sky and squeezed the breath out of him.
Panel 3: As Farley licks Elly, Mike wonders how he would feel.
Panel 4: He doesn't take long to come up with a good comparison: it's his birthday and an Aunt Doreen was there. Elly's rolled eyes mean she doesn't understand why little boys hate being around fat maiden ladies who think little boys actually like being kissed by lunatic behemoths. Then again, she might be in a state of panic because Farley passed out or died after licking her.
Summary: This is more along the lines of the talk she should have given yesterday but she's still soft-pedaling too much.