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Am I correct in thinking the face on the site is supposed to be like this one: https://en.wikipedia.org/wiki/Acid2#mediaviewer/File:Acid2_r... , but maybe updated with some of Flash's capabilities?

Yes. It's a variant of Acid2 face. I don't know where that SWF is from originally.

It was designed by the Shumway team as a SWF that uses many of the Flash features. It's full of easter eggs.