HUGE MADOKA MAGICA SPOILERS
I got lucky and was able to get a live stream of it , albeit I didn't understand what happened, but I'm going to say, Episode 11 is so worth the wait.
HUGE SPOILERS IF YOU HAVE NOT SEEN EPISODE 11/12. PLEASE DO NOT VIEW IF YOU HAVE NOT WATCHED IT.
In the beginning Kyubey reveals several things to Madoka - these things are images on the past with many runes. Homura tells Madoka what she has gone through, and attempts to solo Walpurgisna***. She cannot defeat it or even harm it though. Kyubey mentions to Madoka that Homura will eventually give in to despair. As Homura is about to give in, Madoka comes in and makes a wish. It is also confirmed that in each time reset, Madoka does get stronger.
Now, Episode 12.
It's a bittersweet happy ending. Madoka's wish is to save all witches - which she does but at the cost of her existence. Basically, Madoka becomes the embodiment of hope, and no one remembers her besides Homrua and Madoka's brother. There's A LOT of yuri implication. Every Mahou Shoujo except Madoka and Sayaka are saved I believe. If you're expecting badassery from Madoka, then you're going to get it.
This part is also major spoilers for the ending:
Something I don't quite understand is the very last scene. I think it's demonstrating that there's equivalent despair for happiness. Hence the part where Homura has angel like wings, while the very end has dark wings.
21-Apr-2011 20:58:26
