A very touchy episode indeed, love the song (especially the lyrics) and all of the senpais sing
but I agree that it doesn't feel like an ending even though it is supposed to be the "last" episode.
In fact, I feel that it is somehow similar to the 9th episode of season 1. You know... where Azusa first joined the Keionbu and can't stand their slacky attitude. Then at the end of the episode she came to the club room and cried, then the seniors perform to cheer for her.
I also notice that somehow the BGM that plays when Azusa starts to cry in the club room is kinda off for the atmosphere IMO... but that would be good to dampen the sad feeling of watching this episode
Also love their first photo given to Azusa.. although I think they should use the other since Ritsu only got her forehead exposed ^^;