e. agreeing that there is no fun in that). "around another bite of pizza" means that the speaker says this while biting off or chewing another mouthful of pizza.
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"Where indeed" is rhetorically echoing and agreeing with the question "where's the fun in that?" (i.e. agreeing that there is no fun in that).
"around another bite of pizza" means that the speaker says this while biting off or chewing another mouthful of pizza.