Kitty does not want to leave Point Place and go to Florida, because of all the friends and family her and Red have. She tries telling him this, and they both agree not to go (because Red does not care where they live, as long as they are together).
Donna is excited for Eric to return, but he misses his flight. She is bummed because she wanted to see him. However, Eric eventually does show up, and they talk, and they even share a kiss.
The gang gather round to The Circle one last time before the New Years'. Eric decides to make it interesting coming up the stairs; whoever is last has to call Red a dumbass (something he has called others consistently throughout the series). Kelso is last, grabs the "Stupid Hat", and the episode, and series, ends.
Good. Not the best finale ever but it was handled pretty well. It had some humorous parts as well as emotional parts, like the talk between Donna and Eric near the end. Overall, satisfying end. A+