What is so confusing about this? In short, this takes place after Rebellion, time flows with Madoka, lets say, inevitably attracted to devil Homura. However, Madoka feels nostalgic whenever she sees Homura's (peaceful?) smile. The key words here are: "Are you happy now?" Since Madoka wants to assure Homura that she is presently happy, she always says "yes", but deep down, she starts remembering her past memories (note that the Homura in Madoka's monologue is very tame and devoted). Then from page 24, I'm assuming that Madoka somehow slipped into devil Homura's subconsciousness, and uneasiness washes over her for a moment. Page 28 is obviously refers to Homura's minions (laughing, looking down at Homura's dilemma...) The rest is clear enough, Madoka reciprocates Homura's feeling, while Homura is still insecure and stubborn as usual.
Didn't mean to rant, sorry guys....