Listen up you lowlives that will never amount to anything! Today is the day that the penultimate episode of Mawaru Penguindrum is released to your undeserving eyes. With so many twists and turns in this series we are curious what your puny minds incorrectly assume will happen in the final episode. Give us your mongrel howling in the comments below and we shall see exactly how incorrect you are next week. And just because some of you are foolish fools who foolishly fool themselves into ignoring how foolish you really are remember that there will most probably be spoilers in the comments below. Now go forth and obtain the answers to the riddle of the Penguindrum!
Reverse Thieves 
Oh god I don’t even know anymore! An episode ago I was sure exactly how the series would end–Ringo would stir Shouma to action, the connection between them would turn out to be the Penguindrum (Shouma can use the diary to change fate, Ringo takes the punishment) and then they go off to stop Kanba and Sanetoshi (also Himari would probably save the day.) Then episode 22 happened and now I have no idea what is going on anymore.
A couple of educated guesses:
-KIGA will attempt to use the black teddydrums to blow up Tokyo Sky Metro. They will succeed, and lots of people will die.
-Shouma will attempt to stop Kanba. I think that’s a given.
-Ringo will tap the diary’s power, but it will not be enough on its own (it was barely enough the last time.)
-Shouma is probably the falling Takakura shadow in the first OP–his birth heralded the 95 Survival Strategy. Being the true descendant of Kenzan, he will take it upon himself to undo his father’s work (which will turn out to be what his father wanted anyway–why would he be dead otherwise?)
-The Double H CD will be instrumental (hah!) in rallying the troops in the final battle–I’m guessing it’s the last song on the insert CD that hasn’t been played yet
Also a couple of totally random and probably incorrect theories:
-Himari sacrificed her body to the Princess of the Crystal, who is now her dominant personality. She will go and try one last time to grant Shouma the Penguindrum (assuming all the conditions are met)
-Shouma will pilot the white Teddydrum, Kanba will pilot the black Teddydrum, and there will be an awesome mecha battle a la Star Driver
-All of existence will likely be changed by the end, for better or worse; the problem won’t be totally solved, but the main characters will be able to move on
-The last episode will literally be a “holy night of secrets” in which a whole lot of stuff is revealed (one can dream!)
Read a pretty awesome theory on the internet suggesting that Penguindrum is ultimately a battle between rival powers (Princess of the Crystal/Momoka and Sanetoshi) who are fighting for their own personal “frozen world” to be proved real and legitimate. Can’t claim that as my own, but thought it was a pretty nifty idea that fit with the spinning symbol, the “binary world line” in the lyrics of the first OP, etc.
Whoa, where did you hear that theory about the frozen worlds, wendeego? That’s pretty interesting.
There’s a chain of comments on 8thSin’s blog.
http://8ths.in/2011/12/10/mawaru-penguindrum-ep22-tl-notes-observations-3/comment-page-1/#comments
Look for Dollywitch’s stuff. I dunno if it’s accurate, but like I said it’s a pretty nifty theory! Also, warring powers kind of fits with the Murakami influence (e.g. the crow vs. the lizard in Kafka on the Shore, Superfrog vs. the worm in Superfrog Saves Tokyo)
I was thinking before that the end of the second OP seemed to imply that the two of them were diametrically opposed, and it does indeed look like Sanetoshi’s the big bad.
I didn’t get to see last week’s episode until yesterday, back-to-back with this week’s. But I was surprised by Kanba and Masako being twins. Which means… huh, that Kanba’s a twin in a complicated partly-incestuous relationship with his sister. Who’d have thought? But seriously, though, this makes four characters born on that day, to the Oginome, Natsume, and Takakura families. And the two penguin hats — which a flashback has implied are Momoka, split in two, or at least Momoka’s equivalents to Sanetoshi’s rabbits — went to the three from the two Kiga families. Has Momoka been planning this for sixteen years?!
And one more thing: after all this, Momoka herself is still a mystery. We still don’t know where or how she got her diary, and it’s not likely that the finale will change that, even if it finally does reveal what the Penguindrum is. (The closest thing we have to a real clue on that is the bear-things being called Teddydrums, along with a few vague comments from Himari’s penguin hat.)