I've struggled with this card too, and haven't really figured out exactly what it means to me. I was fortunate to get ahold of a copy of the first edition book though. It does say its a performance, and that the actors are hamming it up. I like the cat's interpretation ...
"If a cat has nine lives this may mean that they understand the true meaning of this card more easily than a human. Perhaps each of a cat's deaths is a transformation, which even if difficult, leads to refreshed life and a new start." - Karen Mahoney
There are three pages about this card, but they do also quote from Macbeth ...
"Life's but a walking shadow, a poor player that struts and frets his hour upon the stage and then is heard no more. - Shakespeare