It makes sense that Gaiman would decide that for Dream’s death issue he would do an extended callback to the first issue where The Sandman began to feel like something unique: “The Sound of Her Wings.” Dream’s moping on the edge of Nightmare, waiting for his sister Death to arrive, and when she does he produces a loaf of bread for her, harking back to that first time we saw the two of them together. Dream’s progressed a long way from where he was; he knows how to apologize to people, and admit when he’s wrong, and even sometimes shows concern for the well being of others. He’s still a mopey guy, but he’s a mopey guy with some empathy, which is a lot more than you could say about him in issue #8. The whole quest to recover his power was fun in its own way, and it did evoke a sense of pity for Dream’s predicament, but it didn’t do much to establish Dream as someone we should like (it’s probably because of the series’s strong horror roots in that first arc; you could call Dream a mostly just character, but he was remarkably scary; the intervening sixty issues served to soften the tone of the series as a whole and the character in particular).
Death is remarkably unchanged.

“Bread?” “It’s all soggy.” “Doesn’t have to be.” “I liked you better when you didn’t have a sense of humor.” (Artwork by Marc Hempel)
Seeing as this is the point where Dream finally dies (after more than a year’s worth of issues foreshadowing the moment), it feels like there should be some big dramatic revelation here, but the reality is that everything you can glean here is just confirmation of what we’ve suspected for a while. Death tells Dream that he set this whole thing up himself, whether he realizes it or not (we don’t have any reason to doubt her; Death has proven repeatedly to know her brother better than he knows himself), and she scolds him sharply when he tries to shove the blame off on Nuala for summoning him at a bad time (it’s really satisfying to see a character call out Dream for the one thing he does in this story that I think is really reprehensible).
Much of Death and Dream’s conversation recapitulates the sense of premeditation we’ve been gleaning from Dream’s actions. It becomes apparent that Dream hasn’t been fully aware that he’s been setting himself up. This is actually a really fun bit of retroactive continuity; I don’t believe for a moment that Gaiman knew from the very beginning that he was going to end the series with Dream’s death and resurrection in a new facet. Suggesting that Dream has been planning his own demise subconsciously helps put a neat bow on all the plot threads that Gaiman pulled together to reach this climax without undermining the integrity of the individual stories as they were published, which is always a risk you take when you employ a retcon on previous stories. It’s remarkably elegant and subtle; I’ve read through this series three times now, and I think this is the first time it’s occurred to me that Dream’s self-destruction is a late addition intended to unify his actions throughout the whole series.

Without Daniel Vozzo’s normal color scheme for unglamoured Nuala, it really doesn’t look like she’s changed appearance at all here, does it? (Artwork by Marc Hempel)
Like I mentioned last time, Nuala gets a more fitting epilogue than I had originally remembered. It’s confined to only a page, but there’s a lot of significance packed in. You’ll remember that I was pretty irritated with Nuala’s infatuation with Dream much earlier in The Kindly Ones, especially when Gaiman put her in direct conflict with Queen Titania with Dream as the point of contention. I felt like a love triangle was more than a little cliche and disrespectful to Nuala after Gaiman did so much to establish her as a complex secondary character; in this last page where Nuala is finally endeavoring to leave Faerie, she confronts Titania, and Gaiman fixes that previous problem. At the moment when Titania is ready to drag Nuala back to Faerie for her desertion, the sky splits and they all realize that Dream has died. Titania, whom Gaiman has heavily implied throughout the series is deeply in love with Dream (whether they’ve ever actually been lovers is left ambiguous), is overcome with grief and can’t bring herself to detain Nuala. Nuala isn’t similarly moved, and she escapes Faerie to make her own path forward. I love that Nuala, who spent pretty much all of The Kindly Ones pining over Dream, has as her ending a moment where she’s focused only on doing what’s best for herself independent of any others. I take this last scene to suggest that Nuala is putting Dream’s rejection behind her, especially when Titania openly weeps despite possibly being in the same position. The only mar on the scene is the fact that Marc Hempel has inexplicably drawn Nuala in a way that seems far more traditionally attractive than her unglamoured self has previously been depicted. Her coloring is the same as when she appears without glamour in the Dreaming, but Hempel’s art doesn’t resemble Nuala as she looked back in issue #58. Of course, Hempel’s style seems to have evolved significantly in the last few issues of the story in comparison to what he drew at the beginning, so this inconsistency might be chalked up to the style change.
The story wouldn’t be totally finished unless we also address our chief antagonist’s ending. Hippolyta Hall appears to have lost her hold on the Furies a few issues back when it became clear that Daniel was still alive in some capacity within the Dreaming. Her personal grievances were never that important to the engines behind the events of The Kindly Ones. The Furies needed her as an avatar to harass Dream for Orpheus’s death, and Daniel’s disappearance served only to motivate her to seek them out; no one who manipulates Lyta through this story actually cares about her achieving her goals (this is especially true in the case of Dream once you accept that he’s just as guilty of using Lyta as Larissa or the Furies or Loki and Puck). We leave Lyta waking from her long delirium to a newly hostile world where many beings of some consequence have a legitimate vendetta against her, and to throw salt in the wound, she has failed to recover Daniel. Lyta’s story is tragic in a way that Dream’s can’t be; he gets what he wants, even if he doesn’t fully realize it until the end, and she simply can’t. Even worse, she’s left alive with the worst of her endeavor left before her: a life devoid of the thing that’s most important to her, and the constant threat that results from her attempt at vengeance.

“Why am I covered in sage and honey? Also, why are you looking at me like I did something terrible? Where’s Daniel?” (Artwork by Marc Hempel)
I feel a lot of sympathy for Lyta Hall; she’s the most manipulated character in the whole story, and her reward is the absolute worst.
As for Daniel, we learn in the final pages of the issue that he’s been marked as Dream’s successor. Dream is dead, long live Dream. It’s sensible that Dream’s death couldn’t leave a vacuum in Gaiman’s cosmology, especially when Dream is such a meticulous planner. We’ve seen that Daniel navigates the Dreaming like he’s a native of it (he literally is; remember that Lyta was pregnant in the Dreaming for years before she gave birth to him), and from Lyta’s introduction in The Sandman it was clear that Dream had laid claim to her child for some purpose. We now know what that purpose is. The series’s last six issues will spend some time helping us get to know what kind of Dream Daniel will be.