I can sort of see why so many reviewers across the comic fan-sites and blog-o-sphere are erroneously calling this "The Last Fables Arc".
1. Not many Vertigo titles reach past the seventy issues point.
2. Big status quo changes are on the way.
Still, I think people can relax. Even if this story ends with...say...the Adversary dead, Willingham still has countless stories he can tell.
And unlike Y: The Last Man or The Sandman, he hasn't yet tied himself down to a definite series ending.
Lots of great moments this issue. The master plan to defeat the Adversary put in motion. Gretel. The return of Bluebeard and Shere Khan. The way Fly fits his role as the new Once and Future King like a glove.