Okay, I know I said in the previous commentary that this was probably a dream, but it's pretty obvious that it's totally for reals after this comic. There's no question! I apologize for my conclusion jumping.
I'm sure tomorrow's comic will totally confirm that this is 100% not a dream.
I suspect the changes Elliot undergoes in this comic are what some imagine Male Variant #5 transformation would result in, assuming it were truly some sort of counterpoint to Female Variant #5.
Of course, there are bound to be disagreements on that, though I am certain that if Tedd was the one programming it with that goal, panel five would be the result. Ultimately, it all boils down to who's programming the form, and what they want and/or think others would want in such a form.