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The flashback at the beginning of the episode was quite effective. Not only did it set up Holly for the episode, it also showed Walt's relationship with Jesse and Skyler at completely opposite points from what they've degraded into. No one trusts Walt at this point, they've all seen through him. Without his powers of deception, Walt is actually a pretty impotent character.
I can't really imagine Walt going back to try to save Jesse at this point. Walt's revelation to Jesse in this episode was out of complete malice. Walt felt betrayed that Jesse teamed up with Hank and wanted to show him that the betrayal went both ways. I think you guys might be right about Walt wanting to try to save Jesse to gain some sense of redemption, if only because I don't know where else the show could go plotwise, but I don't think Jesse will receive him very kindly if that is what happens.
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