Panel 1: where Rorschach is putting on his gloves in front of the multiple screens of the Owlship’s controls.
Rorschach’s comment that “…drowned corpses [are] more useful…” is an allusion to the “Tales of the Black Freighter” comic story the younger Bernie, at the newsstand, has been reading throughout Watchmen, and it signals the imminent return of the Black Freighter comic a few pages hence.
Panel 2: Note that the blood stain on Rorschach’s spare jacket not only mirrors the stain on his shirt, but also signifies that this is the coat he wore in the flashback of Chapter VI, during the kidnapping case that pushed him over the edge to become the vigilante he is in the present.
Panel 4: And note how, when Rorschach finally puts his mask back on, the word balloons change, indicating the change back to his “true” voice.
Panel 5: Dan’s remark: “…I need some pattern that makes sense of the data we have…” relates directly to the final panel of the previous page – Page 8, panel 5 – as both Veidt and Nite Owl are doing the same thing – sifting through a mass of information in order to find the pattern lying beneath it all.