If you didn't cry (or at least tear up) watching this episode, you would have to be heartless! :) Every "Bobby-centric" episode is always so well done. This one was really brilliantly done. I wish they had done something similar for Castiel's send off.
I really enjoyed the focus on Bobby's history and choices, like not having children, but then having him realize what a great father-figure he ended up being for his "adopted" boys. I was glad that he seemed to have reconciled his fear of being a bad father (like his own) by seeing how well he did as a father for Sam and Dean. To top it off, his last memory being of something so simple and mundane as listening to the boys arguing over Chuck Norris and Jet Li, was heartbreakingly touching. "Saved the best for last".
I don't know where this leaves Bobby but I got the impression that if he didn't go with the Reaper, he would become a ghost with no memory of his life (since all the memories were disappearing). And that would make him a nasty ghosty. At least, that's what I thought the Reaper was implying. If Bobby ends up dead, I hope that he will be able to somehow interact with the boys and continue to be there for them.
This was such a great episode and definitely re-vitalized my interest in Season 7.