Library. Giles blathers about how powerful the Master is. Miss Calendar scores more points by asking where exactly the Hellmouth will open. Giles realizes what a good question that is, and directs a distracted Willow to get with the research.
Buffy and the A.O. reach the Master's lair, where approximately 60,000 candles are burning. Forget the crossbow -- I think a can of gasoline would have sent him up like a Roman candle. The A.O. points the way, and leaves her. I think it would be hilarious if she staked him before facing the Master, but sadly, she doesn't. She descends the stairs, and hears the Master's voice softly welcome her. He appears, looking pale and savage. She makes a nervous quip about water damage. The Master: "Oh, good. The feeble banter portion of the fight." He starts to say something else, but Buffy quickly fires the crossbow at him. He casually catches the bolt right in front of his heart, and compliments her aim.
Angel and Xander make their way through the sewers. Xander chides Angel for checking out his neck. Angel denies it, and I actually find him funny when he's the victim of a misunderstanding. Like the time on Angel where a guy thought Angel was hitting on him -- he always tries to apologize, and no one ever believes him. Anyway, they continue on.
Buffy reloads, but the Master says she won't kill him with the crossbow. She glances down, and when she looks up again, he's gone.
Library. Giles says that the vampires in town know the Master is supposed to rise, and will be his army. Willow points out that the last time the Master tried to rise, his minions gathered him fresh blood. They conclude that, with the dance and all, the vamps will be gathering at the Bronze, and Miss Calendar and Willow set out to deliver a warning. Since it's nighttime, couldn't they be there already? And, given that possibility, wouldn't it be prudent to call? And why the hell doesn't everyone on this damn show carry a cross at all times? I hate to point out flaws in such a masterful episode, but it's my job. Or I'm just very, very petty.