To me, Owl represents the Aristocracy. Always proper…and boring and pompous, Owl appears to know something about everything, but truly knows nothing completely. Although he can spell, he doesn't usually spell it right (even his name: W-O-L). Owl tends to be long winded and boring. I like Owl, as he allows us to laugh at the 'establishment'.
My favorite Owl story is in Winnie-the-Pooh, Chapter IX, In Which Piglet is Entirely Surrounded by Water. In this story, Pooh, discovering a note in a bottle from Piglet, who is surrounded by water and needs help, goes to Christopher Robin to rescue Piglet, whereupon Owl is dispatched to tell Piglet that help is on the way, and chooses to keep Piglet entertained by telling him an extremely long story that goes on and on, rather like this sentence, until piglet is finally rescued from his imprisonment by Pooh and Christopher Robin.