Once again we face the never ending dance of the "Emma gets one victory then Regina kills/maims/screws with/ gets revenge/ or ruins someone's life on the good guys side.
We find that Sidney, the Mirror's reporter, has been fired and wants to work with Emma to shed some light on the Mayor's evil doings (spending money she shouldn't is the tip of the iceberg). At first Emma isn't sure she wants to go after Regina. But after Regina bulldozes Henry and Emma's secret fort in vengeance for them having a place, Emma agrees (also Henry finds his book has gone missing at this time). Emma finds out about some sort of business deal with Mr. Gold where he sells Regina some land in the woods and spent $50,000 of the town's money on it.
They then find plans for what looks to be a "castle" that they believe Regina is building as a house for herself. Emma goes before the whole town at a council meeting and exposes Regina's money-spending. But surprise! There's a twist (Cause we didn't see this one coming). Regina is spending the money on a new play fort for the kids of Storybrooke. Emma looks like a fool and Regina finally throws her off the high ground and says that if Emma comes near Henry without her permission she will file a restraining order.
We end with the Stranger unlocking his box and pulling out either the actual or a copy of Henry's book, David planning a cute picnic for Mary Margaret, find out Sidney was working for Regina the whole time, and the fairy tale world explanation of how Snow's father died and how "Sidney" came to be in the mirror.
It was just a little too predictable for me, a viewer could watch the last five minutes and would have most of the information of the episode. Also the character of Regina just doesn't seem evil to me. I'll explain. She IS evil, but she seems more petty evil than mastermind, so evil it rots your teeth with how awesomely cool and evil they are. She just doesn't have it, which makes liking her even as a villain sort of difficult.