First off, I have to say that the final scenes where Picard is "lieutenant, junior grade, astrophysics," are so haunting. He is an absolutely defeated, pathetic person, and everyone treats him like that. Even the blue looks sad on him! It was actually quite heart-wrenching to see him ask Riker, "well, couldn't I do more? More than astrophysics, like even command?" And Riker just treats him like the village idiot (or like Barclay, even). Great acting from everyone.
I also really liked the final fight where Picard fixes everything back to the way it was. He laughed when he got stabbed by the sword, but it was for a different reason this time - not because he was arrogant, but because he knew what he was doing was right.
Finally, I was pretty surprised that the romance DIDN'T work out with the female ensign. But, I guess the reason she was interested in him was because he was an arrogant risk-taker, and when that was gone, she lost all interest.