It seems aprilp_katje and I are right; we have Elly celebrating a mild triumph over a penny-ante (and easily preventable) adversity. We can also expect to see John struggling pathetically on his own Monday.
Panel 1: We start off with Lizzie showing Farley her toy bunny. He sniffs at it.
Panel 2: He then bites down on one of the ears and pulls it out of her hands.
Panel 3: As he growls and whips it around, she SHRIEKS; Mike looks on with a bug-eyed glare because his kid sister's favorite toy is being wrecked.
Panel 4: He then tells Elly to came quick because Farley's got Lizzie's bunny.
Panel 5: We next see Elly, having put Farley into what looks like a choke hold, gathering up toy. Mike exultantly says that the bunny's saved.
Panel 6: He then tells Lizzie Elly, who's sewing the bunny's ear back on. will fix him....
Panel 7: ....'cause she's a super mom.
Panel 8: As she hands the toy back, Elly thought bubbles that just minutes before she was simply a mild-mannered housewife.
Summary: She shouldn't puff herself up too much; after all, it could just as easily have been Lizzie that Farley was mauling. That tells me that she needs to supervise them far better than she does now. At least she doesn't yell at the dog for doing what comes instinctively; that would only confuse and frighten him.