Technically, it's medium-high quality, and it's not like it's any less a specification of tea than things like Darjeeling (which is a geographic location and can produce wildly different qualities of tea), or for that matter "English Breakfast" (which can refer to any of a variety of blends of different types of teas).
Also, if you go into stores, you can buy teas labeled "Orange Pekoe," or at least "Assam Orange Pekoe" or "Ceylon Orange Pekoe", so as far as that goes, it is a "type of tea".
To react to the comic... this would never happen to a real tea-drinker. I've never liked Lipton, in spite of generally being fine with most 'plain' black teas of varying qualities, since they always taste like they put lemon or some other fruit rind in the brew. I may not be able to blind taste identify most brands, but I DEFINITELY recognize Lipton.
