Hollis Mason, the original Nite Owl, is seen at a press conference, hawking his book, Under the Hood. Manhattan intones that Mason called him the first true superhero, and we are shown a scene of Manhattan walking into some dive bar (possibly the same one Nite Owl fought in in the credits), pointing at a gangster with a gun and blowing him up. Blood and bones hang from the ceiling, and a dancing girl screams silently. We see Manhattan's old friend Wally Weaver on a talk show, and hear him explain himself: "I didn't say 'There is a Superman, and he's American,' I said 'There is a God, and he is American.'" Janey is shown sitting by the tree at Christmas, when Manhattan gives her a pair of earrings in the shape of his symbol. His blue glow drowns out the red and green of the decorations.
The year is 1970, and Manhattan is at the first meeting of the new Minutemen with his wife. He looks at Silk Spectre's daughter, Laurie, a.k.a. the new Spectre. She looks back at him with a look that will make every man in the theater adjust how they're sitting. (She is very interested.) In the next shot, the two of them are making out on a rooftop, and of course, the next shot is Janey packing. Manhattan voice-overs that Janey calls the teenage Spectre "jailbait," and that she thinks he's strayed because she's getting older. Manhattan agrees that she is aging more rapidly every day. She removes her earrings and throws them at him. They stop in mid-air a foot away from his face, and hover there as he looks at them, trying to remember where he put the receipt.
Back on Mars, in the present day, Manhattan takes one last look at the picture of him and Janey from the fair and lets it float to the ground. Then he floats in mid-air, with his legs crossed and his back to us (thankfully), and begins to create a translucent, clockwork castle. It rises out of the ground already formed, but new, more intricate parts are created as the rubble falls away, and we cut to a shot high above the planet, as the sun cress over the horizon, casting light on the small but still-visible structure.
Having just rescued people from a blazing tenement fire, Laurie Juspeczyk and Dan Dreiberg lie in each other's arms, naked, their naughty bits covered by bits of the Owlship's equipment. They're discussing breaking Rorschach out of prison. They think that if Manhattan leaving Earth, Ozymandias getting attacked and the Comedian getting killed are all connected, then it would be good to have Rorschach on their side to help make sense of it. They don't believe that Manhattan gave those people cancer -- after all, Laurie is fine, and she lived with him. It's decided -- felonies good, superhero sex good, conspiracies bad.