Not seeing it. There are hundreds of tech-related web comics out there -- they're not all Dilbert "ripoffs".
Besides, I don't see the role fit. Wally knows and does nothing; Dilbert is too practical; and Alice is a no-nonsense DBA. (Though I can see alice in the role of the pony tail.) So who's the bad boy? And the PHB wouldn't know coding conventions from cooling vents.
In any case, I like the comic because I've been in the role of the balding toadie/pony tail too many times to count; dealing with hot-shot young programmers whose opinion of their own prowess is not even remotely in line with reality.
Yeah, I definitely have too. I remember one job where the hotshot told me he didn't like using an application server, because you get a lot more control if you write all that framework yourself. I was glad it was a short-term contract and I wasn't his manager.