... thoughts behind the cut because i'm afraid of giving something away.
let's get the boring stuff out of the way first: solid episode, kept you guessing as to the person who committed the crime (jewelry heist) until the last second. peter's wife finally had something to do! neal was actually put back in jail for a while, making serious the 'threats' peter sometimes utters about sending him back to prison if he doesn't behave or whatever.
and then THE ENDING CAME ALONG, HOLY SHIT. first reaction: i don't understand anything and it confuses me so noooo peter!
but i've thought on it some more, so these are my clue-gathering type thoughts about the ending. firstly, this ending is obviously a misdirection on the part of the writers. it would change the entire established dynamic of the show if peter were in fact some sort of crime lord who can outwit neal caffrey to this extent. at the same time, the show's also been careful to lay the groundwork for a plausible situation in which peter wanted something that neal had stolen because of monetary issues. he used to make comments all the time about the view from neal's apartment, and he had that conversation once with neal and mozzie about why they do what they do. OR in theory, it could be to turn neal's stolen goods into the bureau, in which case, he's likely operating under hughes' authority, but then, holding someone against their will would be breaking the law...
at the same time however, i really don't believe that peter wants something from neal that he stole. the show's been very careful to have kate say, "just give him what he wants," but never to specify what the man with the ring wants. maybe some sort of promise from neal? some sort of leverage which he can use later? still manipulative, but fits more with what we know of peter.
and now peter knows that neal is closer to kate than he likely thought. this is what i'm confused by: kate is obviously not being held physically by peter, since he obviously spends most of his time at work with neal, and at home with his wife. so he's holding something over her if he's keeping her against her will, or she's teamed up with him because... of something. but then why make ambiguous statements in phone calls from payphones? why not just be clear about what it is peter wants, unless it's not monetary, and it's something peter will reveal to neal himself if neal ever catches him (which he will)? also, who's stupid enough to call their captor's workplace in order to speak to neal? come on, kate, you're supposed to be the girl who makes maps out of bordeaux labels, be smarter.
which brings us to what's going to happen next. obviously there's a confrontation in the works. neal now knows that the opr is actually investigating peter, which will make him more suspicious and guarded around peter. i think this will probably be the source of tension for the second half of the season, because neal will have to take a lot longer to uncover information about peter and maintain a working relationship with him. what watchers need to remember is that peter is also incredibly intelligent, just not as slick as neal.
all of this is to say that i have no idea what's coming and i'm so excited for when this show starts airing new episodes in january.