The drama of pursuit
This novel is framed as a lengthy pursuit. Peter is a wanted fugitive living in self-imposed exile, hoping not to be caught after inciting a riot against Sir Philip's reign. Peter's symbolic venture was to overthrow a wall that he felt should not have been established, so he is a hero of antiestablishmentarianism. He is pursued in a way that raises the dramatic tension for more normal parts of the story, like his involvement with the theater.
The irony of gender
Dramatic irony prevents the reader from knowing whether Kit is actually a boy or girl. Peter sees Kit play both roles on stage, and in the case that Kit is a woman, Peter would be very interested in getting to know her better. This ironic, dramatic tension makes Peter and Kit's friendship mildly intimate and somewhat romantic. This is a nuanced depiction of romance that pairs well with the androgyny of theater and production. They are each androgynous in certain ways.
The Yellow Gentleman
The drama is again raised by irony when the Yellow Gentlemen show up as conniving conspirators. Their presence in the story symbolizes the unknown ways that one might be conspired against. In other words, the irony of their meddling points to Peter's emotional feeling of paranoia. Is he right to be paranoid? In this story, the answer is yes—the Gentlemen are indeed part of Sir Philip's attempt to locate Peter and have him executed.
The ironic importance of Shakespeare
To certain kinds of theater fans, Shakespeare's appearance in the story as a mentor to these young adults would be like if Jesus Christ walked into a story to help the characters out. The true importance of Shakespeare is concealed to the characters in the novel, so it is dramatic irony of the kind where the audience knows something that the characters do not. The other kind of dramatic irony is like the Yellow Gentlemen, because the audience is also in the dark in that case. Shakespeare's authority lends the book an epic feel.
The comedy
This story seems like it is heading one way, but an ironic plot reversal leads to a resolution that is philosophically important. By ending this tumultuous and chaotic story with the harmonious and orderly portrait of romantic union and marriage (between Peter and Kit), the story morphs into a comedy. The value of this irony is that the entire book can now be seen as a meaningful collision of fateful coincidences that was secretly the story of how Kit and Peter fell in love, even when it did not feel like that was what the story was about. It is the narrative equivalent to what is called in music the Picardy Third.
