I really liked the episode last night. From Snow's vision coming to fruition. To the showing of an emotional side of Maleficent. To the backstory of who wrote the book (being ambiguous on this 1 as to not be a spoiler for those that DVR'd it). What I didn't like was how flip/floppy Snow and Charming were. Towards the end of the ep, it got a little grating.
As for the identity of the new villain (not the 1 we sort of met before; again, ambiguous), I'm guessing that he will be the ULTIMATE villain. Also, have a feeling he will be named Tex, Chuck, Friz or Mel. Just a hunch.