For me this episode is about both the beginning and the end. It's nostaligic and reminiscent of so many other seasons, yet is also about the end of everything. There's a definite feel of 'in the end is my beginning'. When asked if there is a plan Buffy replies 'Yeah there's a plan. Get ready. Time's up', which can be read as both the end and the beginning of something.
Buffy appears as the hero, dropping through the ceiling to save the potentials and disptach the Turok Han with ease now she has her brand new scythe. The scythe is tied to the Guardian, who is both new and very very old. (They even include the old joke about 'Buffy' being a riduculous and unbelivable name as they used to in early seasons) The Guardian is both the first and the last. She is 'the last surprise' and that 'can only mean the end is truly near'
Buffy, Willow and Giles talking about the scythe is reminicscent of early seasons, with the women gently teasing Giles, as they used to as girls in the library. There is also a nostalgic feel about Buffy's conversation with Xander, when she tells him 'You're my strength, Xander. You're the reason I made it this far. I trust you with my life'. I wonder if wanting rid of Dawn is also about taking them back to the past, when there was no Dawn? It could also play into early Xander who always wanted to play hero/protector to the girl.
Willow and Giles are back into research mode, he with the books and she on the computer as we have seen in so many earlier seasons. It even feels like Willow is younger, because it is the Watcher that recognises the glottal stop symbol and the meaning of heiroglyphs and Willow reacts as though she doesn't understand, which I find unbelievable for the genius that is Willow.
The Faith/Buffy conversation sounds familiar too. as though they are repeating themselves but are starting anew. Buffy shares her responsibility, the mutual jealousy is discussed and set aside. Once again Faith says she's not looking for forgiveness, which she obviously is, but this time she allows Buffy to give it 'People die. You lead them into battle, they're gonna die. It doesn't matter how ready you are or how smart you are. War is about death. Needless, stupid death', and Faith accepts this. These are the loose threads of their relationship tied up, which is a new beginning for them.
My favourite part of the episode is of course the understairs Spuffy

As usual they are on the stairs - very Spuffy, they take the long way around to the kitchen, they disagree. They miscommunicat, Spike even uses words Buffy doesn't understand. Buffy wants to speak her truth but Spike cuts her off, he tells her he is terrified. He asks 'where you there with me?' and she replies 'I was', which to me means that whatever he was feeling, she was feeling the same.
Andrew and Anya are paired again. Anya talks about when she ran from an apocalypse, which was several seasons ago. She discusses how she has changed and how her beliefs have changed. Andrew too is not longer considering running away, he is prepared to stay and fight and die.
Most nostaligic of all is Angel appearing out of the shadows, then stepping back in to them to watch Buffy defeat Caleb. Buffy drops the scythe, the weapon that may help her defeat the First, and kisses Angel. The camera pans to Spike and the First is whispering 'That bitch' in his ear
