In the promo for the finale, we hear Emma say, “I love you, Henry.” I think she says that as she leans over Henry’s hospital bed and kisses her son on the forehead, and woosh, a mighty force blows Regina and Dr. Whale’s hair, releasing Henry from the sleeping curse like Prince Charming did for SW. Also, I think that immediately after Emma releases Henry from the curse, she’ll believe, and the camera will pan to David and MM remembering who they are.
Since we see Mother Superior/Blue Fairy in the background of the hospital with a peaceful look on her face, that pretty much indicates in my mind that she remembers her life in FTL. While we’d expect her as a nun to be on pastoral care at the hospital, I think she may also be there to see the sleeping curse break. I think she’s always known how Emma would believe. After all, she is the original power and would know how to ward off the effects of the dark curse on herself.
Also, I think that Emma may have a look of horror on her face as she realize August is turning into wood as she believes in magic. I think he will plead with her one last time to believe on his death bed. August may even put the seed of belief into her mind and convince her that only she can save Henry. I think that August will be around next season though, since Eion Bailey said in a recent interview that the writers were coming up with ways to incorporate his character into season 2 plot line. That gives me hope that Emma will believe in the curse in the nick of time to save August’s life. Even if August does turn into a puppet, it’s possible that after Emma believes, magic will fully come to SB and that the Blue Fairy will get her power back and be able to turn August back into a real man like she did for Pinocchio in FTL.
Another theory I have is based on a spoiler that we’re going to see a character in SB whom we’ve only met in FTL before. I think that it’s going to be Maleficent, who wasn’t exactly in favor of Regina enacting the curse in the first place. Perhaps Maleficent, who is also a powerful sorceress and could have preserved her memories, will tip off Emma how to break the sleeping curse and save Henry. She is the original author of the sleeping curse after all. True love’s kiss.
Finally, in the promo, there is a scene of Emma holding Henry’s storybook and it starts glowing. I think that will be the moment she actually believes in fairy-tales and that the book is true.
"That’s how you know you’ve really got a home. When you leave it, there’s this feeling that you can’t shake. You just miss it." Neal Cassidy