Yes, that's the sad thing - we've become so conditioned to except mediocre DTV sequels that follow the same formula that I completely believed that Pinocchio story until I got near the end - probably the bit about Michael Jackson voicing the Blue Fairy gave it away. I also found the idea of "Pinocchio 1 3/5" hilarious.
Now, Al's story was very well done but it was so absurd (even for Eisner) that I could tell it was an elaborate April Fool's hoax all along. It really made me laugh though, especially the part about how they came up with the name "WaltMart" - Eisner had an "epiphany" and realized it would be cheaper to just buy a bunch of letter T's and place them between the Wal Mart on the existing signs than to change the name to something where the entire signs would have to be replaced.
Captured EisnerThink perfectly.
I also loved all the Zenia Mucha (pronounced MOO - ka) jokes.