The Adventures of Wiglaf and Mordred/WMG

Camlann isn't a useful magic sword.
At the beginning of the story Mordred is looking for the magical Sword of Camlann to gain power or take over the world or something. After some brief misadventure with Wiglaf the two find it... but apart from burning the hands of the impure of heart and talking, Camlann doesn't seem to be particularly useful as a "magic" sword, and is largely ignored once retrieved (probably because Mordred can't wield it). It's hard to imagine what Mordred was planning to do with a sword whose most magical feat to date is producing walls of text.
 * Officially busted since it appears Wiglaf is just to powerful/perfect to have needed any powers according to Calann.
 * Also, he recently demostrated to have control over the elements, super speed and flight.

Wiglaf has a terrible home life.
Wiglaf admits quite early to knowledge that his little sister positively hates him. When she shows up, Brat treats him like dirt. Still, when she makes unannounced visits (i.e. concert arc), Wiglaf does not take the opportunity to visit the rest of his family, so clearly Brat is not she from whom he hides. In fact, he never goes home at all and appears to dislike any travel that cannot be accomplished on foot. The fact that Wiglaf lives with an alternately apathetic and abusive villain and his mildly hostile chauffeur and seems to think it dandy may be telling. Conclusion: Wiglaf comes from a horrible home life/family. They may beat him, explaining his Chronic Hero Syndrome by way of expression of a psychological desire for rescue in rescuing anyone and everyone else.
 * Busted as of the latest arc. While Wiglaf's family is entirely screwed up, he loves his parents and they love him, and he was oblivious to the fact that his mother was cheating on his father until Mordred pointed it out.

Wolfy controls all the Possessed Objects.
So far, all of the inanimate objects in WAM are possessed (Grace, Bliss) or magically given life (Camlann). All of them, that is, except for Wolfy the stuffed toy. Bliss appears to be the "control" on the object collection, but someone had to give her that power-- someone smart enough to judge that a ditz wouldn't be able to use it, but hidden enough to be able to use her. Since Bliss was bound to end up with a villain family at some point, this someone had to hide in the ranks of the villain most likely to pick it up. The most powerful villains around are the Garrotts. Most of their outside personnel are too high-profile to be "hiding" except in plain sight (a risky proposition among villains, at best). However, Wolfy the stuffed toy garners nary a second glance. And he's an "inanimate object" peculiarly devoid of possession. He has hitched a ride with Garrott scion Safir, to whom nobody denies anything. What better position and disguise for the sole controller and user of the collected objects? Wolfy is obviously up to something.

Security is a Jumper
and Mordred's family bribes (or threatens) the Paladins into leaving him be.

Security is Deus Ex Machina Personified!
IT MAKES EVERYTHING MAKE SENSE. More than that sentence does at least.

Security is Puck!
The poofing, the freaking people out, it's perfect.

Security is Merlin.
To Keep with the King Arthur Mythos the Webcomic has going.

Hnaef and Hildeburh were mistreated before Sedrick adopted them.
He seems to have at least a bare level of attachment to them, letting Hildeburh talk back to him (and call him "Dad") without dying (and Hnaef has the same smart mouth; this troper would be surprised if he never made a single snide comment, even if he regretted it soon after). Word of God says that Sedrick defended Arthur after seeing him be bullied by other kids on the playground because he liked him, for no particular reason, and then later Sedrick became Arthur's best friend (and most likely loves him, even if Arthur doesn't return the sentiments). This makes it likely that Hnaef and Hildeburh may have been in a similar place, and Sedrick decided that they could be useful to him to excuse the fact that maybe he just liked the kids, using his very, very selective liking of people.

Wiglaf could snap in the same way that Sedrick has.
It has been discussed that, since Wiglaf is perfect at most everything he tries, he'd be a formidable villain if he ever made a heel-face turn. And he has been shown in the past to be rather possessive of Mordred, his only real friend. It occurs to one that Sedrick's breakdown could be a case of 'there but for the grace of god go I'.

Security is a Time Lord
His TARDIS is offscreen. Always. Possibly just behind the Fourth Wall. May even be the camera. The reason everyone is always failing spot checks when he's around is because he never actaully steps out of range of his Tardis' chameleon circuit. And "The Security" is a PERFECT Time Lord name! Also, he never ages.