This is a hell of chapter with some big hype behind it. Everyone here mainly for the fights is eating well. I had a great time reading it, but there were two little things that didn't sit spectacularly with me. But I wanna get some miscellaneous thoughts out of the way first.
I enjoyed Law saying outright he'd consider the plan a failure if anyone died. This has always been his character, but as recently as this arc he still trying to project this edgy persona saying anyone who got captured should be prepared for torture and death (before running off to sacrifice himself for the first people who got captured).
Big Mom and Prometheus cutting Zeus off confirms more than ever that he's going to make it back to Nami and probably be a permanent part of her arsenal.
I don't think Kid and Killer taking on Big Mom is the final matchup for her. It doesn't feel climactic. It doesn't feel personal. Kid's had his skirmishes in Big Mom's terrirory, sure, but that doesn't feel like enough. There'll be something else here, I'm sure of it. Maybe the currently-opponentless Sanji will show up and get a chance to ask her what she ddi with his family. Or after their individual matchups, the Strawhats come in to challenge her as a group, proving they're still in the ballpark of what Luffy can take on.
Zoro brings out the long-neglected fan favourite Asura, wounds Kaido and is all-but confirmed to have Conqueror's Haki. It's an amazing showcase for a character who's had some great moments but hasn't really been challenged since the timeskip. Prior to this, I could have gone either way on the theories about him having the haki, so I appreciate that Zoro seems to feel the same way. Being the lucky one in a million with the special haki is immeterial to him and his goals. He'd be shooting for the top one way or the other.
As good as the last sequence is, it's where I have some misgivings about the chapter. Is it just me, or would the moment where Luffy stands up again have worked much better if we'd had the panels showing Luffy was unconscious in the last chapter, directly after Ragnaraku? Without seeing how much damage he actually took at the time, I didn't feel all that much tension about Luffy's status and whether or not he'd be up again this chapter. Even accounting for haki, enduring big hits and bouncing back is Luffy's whole deal. If Oda wants me to think Luffy's in trouble after an attack, he's gotta sell it a tiny bit more. Even just that one whited-out-eyes panel is enough to send the message, but not if it comes up this late.
If we'd had it last week, not only do we get to spend a whole week speculating on when or how he'll get back up, or if he'll need medical intervention to get a second wind, but having Luffy be definitively down before it starts would make the operation to remove Big Mom feel all the more critical. Luffy having been down for a week would make Zoro and Law's last stand feel even more desperate. We feel more satisfied when Luffy finally does get up because we've had to wait all that much longer for it.
But maybe I'm overthinking things. I haven't done a proper reread of Onigashima since it started so I'm only taking about the week to week pacing. It'll probably feel better on the volume reread, as is often the case. When you're doing these things a chapter at a time, it's easy to loose track of the forest among the trees.
And the other point of contention here is the Conqueror's Haki revelation. I think CoC worked better when it mostly was just a fodder filter and a way for top level fighters to dickmeasure about their ambitions before they smack each other around. Sure, it's always had a physical component - Shanks' haki warped and broke the Moby Dick's deck; Luffy and Katakuri's combined use cracked the floor and shattered pillars in the Mirroworld; and Usopp's lie about his haki causing earthquakes was broadly deemed believable - but this is the first time we've seen it used directly for offence.
I think they way the powerup is portrayed muddies the water a lot with Luffy's last powerup - the haki projection and injection he learned from Hyogoro. We know Luffy picked that up because we saw him destroy the collars, blow up the tree before the raid and do substantial harm to Kaido with his regular attacks, but the dialogue here feels like the move only truly clicks when you add offensive CoC to the mix as well. Even though we know they're two different things, Oda hasn't made it distinct enough where CoA ends and CoC begins, or if Luffy's using just CoC instead of both at once, or any other way it might be, which makes the initial advanced armament powerup feel a little cheaper. And it feels like the highest level techniques are only for the one in a million with the special haki (plus training to be one of the "handful of the very strongest" on top of that). We've yet to see anyone without CoC do the clash-without-touching thing.
It's definitely always been a little bit of a thing that Luffy was born special (CoC, Voice of All Things, Will of the D, liniage of the Navy's hero and the Revolutionary), and that's not inherently a bad thing, but it has so rarely felt like those factors are so much of a leg up over any other pirate trying to get by on guts alone.
There's definitely more we have to learn about all of this, and a few quick remarks in the middle of combat aren't the best way to learn about a new skill, so I'm going to reserve my final judgement on it until we get some post-battle or SBS elaboration. We don't know how much of an edge CoC gives over reaching advanced CoA the hard way. We also don't know if there's a secret interaction between CoC and CoO as well, which would at least make things feel better thought out than a straight last-minute offensive boost. But for now, it's not sitting quite right with me.
And that's the chapter. The final panel is a great callback to a highlight from earlier in the arc and should definitely be remembered as the moment there was no longer any possible doubt about the raid succeeding and Kaido going down, at least from a narrative standpoint. But as climactic as all this feels, there's no way this is the final stage of the fight. Even though we've had the traditional small fakeout defeat for Luffy and a come from behind with a new technique. There's too much still happening down below to wrap up the main event. The pendulum has to swing back Kaido's way at least one more time. Which means there's probably a more substantial near-death moment for some more new skills (probably a new Gear form implementing the new haki) for Luffy at some point in the future, but probably after another status update from the characters fighting inside.