Bert is dead. He must have died perhaps some moments after saying "Bravo" while watching Neil Armstrong land on the moon. "Waterloo," the final episode of the first part of "Mad Men" Season 7, is about watching a historical moment -- to remember later where you were when the first man landed on the moon -- break-up, the win and the loss, the strategy to gain control and an uncertain future. Don Draper displays a range of emotions while reacting to a range of developments, mostly unfavourable.
(Warning: Spoliers Ahead)
Don gets the 'you're fired' letter because he broke one of the stipulations when he crashed Commander Cigarettes' meeting. The firm did not get the account and it is good enough reason for Jim to show Don the door. But, he sent the termination letter to Don without informing the other partners. Don gets to stay when Pete, Roger and Bert raise their hands in favour him, while Joan chooses to vote against Don. She does not like Don losing money for the firm, but does not approve of Jim sending the termination letter.
It is still an uncertain future for Don. He calls-up Megan and tells her that the partners do not actually want him back. Megan encourages him to move on but goes silent when Don mentions that he sees this as an opportunity to be in Los Angeles. It is goodbye time for this relationship. It is a silent break-up.
Don flies off to Indiana with Pete, Peggy and Harry for the Burger Chef's campaign presentation. They all watch Armstrong landing on the moon, like everyone else -- known and not known to Don -- all across the U.S. Afterwards when Don is alone in his room, he receives a call from Roger informing him about Bert's passing away. The death of Bert provides Jim with the opportunity to close the door on Don. He is more eager to fire Don than to mourn Bert's death. Roger does not want to lose Don, as well.
Don knocks at Peggy's hotel room. He tells her to give the presentation, so that if they win the account, she can work on it. He is unsure about his status in the firm. Peggy is hesitant but Don has words of praise and encouragement for her. She does a brilliant job. Peggy gets the attention of the client team and keeps them interested in the campaign pitch.
Meanwhile, Roger strikes a deal with McCann Erickson. He gets to keep Don, be in charge of the firm, and stops Jim and Harry from giving-up the firm to computers. McCann gets 51 per cent stake in the firm, which means partners get rich. Don convinces Ted to agree to the acquisition and still be in advertising. Pete and Joan have no problem. And, it is probably the end of Jim in SC&P.
Don walks out and goes downstrairs while the rest congregate to mourn the loss of Bert. Peggy informs Don that they have bagged Burger Chef. Don hugs her.
Downstarirs, a vision of Bert appears in front of Don. He is singing the "best things in life are free" and a group of secretaries are dancing.
Don seems to be a different man at the end of the episode.