The voltage on the COMP pin is proportional to the amount of peak current the switch will be turned off at.
If the pin is weak (probably the case), you could even overdrive it from an external op-amp if you wanted.
This is essentially what they're doing internally, except it looks like it's got a passive pull-up (the current source), so everything can be wired-AND (the PNP emitter follower is only active in the pulling-down direction, and likely, the same is true of the internal error amplifier).
The error amplifier is the only linear op-amp in the IC; the current sense is amplified, but not operationally (you don't get to play with the +in, -in, out pins).
Alternately, you can think of it as, the COMP voltage is divided by 3 and compared to the differential current sense voltage. Same thing, just semantics (though quite different to implement). The UC3842 series shows this: the COMP voltage range is 0-3V while the current sense input is 0-1V (ground referenced, not differential).
If you wanted to operate this device in constant-peak-current mode, you can simply strap the error amplifier for unity gain (resistor feedback only, no compensation capacitor) and connect it to a suitable reference voltage (thus setting COMP to a constant voltage). This would be useful for simple applications, like LED lighting (where the load is not expected to vary, and a constant current is desirable).
Voltage regulation is achieved with the error amplifier. You could add even more stages externally, say if you wanted to control the voltage such that it... I don't know, sets a constant or adjustable power level in some load. You could also connect such an error amp in parallel (driving COMP via diode, or by the current limit pin), so you don't have chained loops. Both ways have their advantages and disadvantages.
Tim