I love this trend of using comics to describe technical ideas (which, as far as I can tell, started in earnest with Julia Evans). I think it's a great way to remove some of the scaryness-factor that more serious tomes (like Cormen et al) are associated to. I don't think the niche is nearly reaching oversaturation. I think there is plenty of room for these kinds of books in this space. Personally, however, I probably wouldn't get much value from a book on the very basic algorithms, like selection sort etc. What I really would like is a good description of the algorithms and data structures that are described in more advanced courses, like Fenwick trees or the stuff Erik Demaine talks about in his more advanced presentations.
If you're not aiming for this to be a book for people who're accustomed to the basics, however, and more a book for people who maybe know how to code but who identify themselves more as practitioners than as theorists (meaning they're intimidated or bored by algorithms) then my main reaction is that the thing you've shown so far seems to (1) have a great visual appeal, but (2) suffers in that it does not provide implementations of the algorithms in actual code. If I think back to myself as a beginner, what I probably would have needed help with looking at your thing would have been the translation from the example and little pseudo-code on the left to actual code.
Julia deserves a ton of credit, but I think it's also important to remember whytheluckystiff's "Poignant Guide to Ruby" . Going even farther back, Forrest M Mims' electronics books , which I remember being sold in Radio Shacks, get much of their fame and familiarity from being hand-written.
Grokking Algorithms by Aditya Bhargava is something I skim for fun occasionally and this seems like a great complement!
"McCloud" is congruent with "McLuhan", as "Understanding Comics" is congruent with "Understanding Media".
There are two versions of page 111, with an apology (and an apology for the apology) if you thought the first was offensive.
There is also Illustrating Basic (1977) and Illustrating FORTRAN (1982) by Donald Alcock from Cambridge University Press. [edited to fix publishing dates]
Sacha Chua <http://sachachua.com/blog/> used to do this way earlier than Julia Evans.
No flame though, just wanted to point this out.
I was playing Human Resource Machine and implemented a linked list in assembly without even realising it. Once I did, I first felt so smart that I had to brag about it, and I also thought, "that wasn't so scary..."