spoilers:end of spoilers
I'm enjoying it, even though I know how this is going to end, as Oda's already done this before in the Alabasta arc. Luffy goes up against the Big Bad of the arc, gets easily taken down. He comes back for Round Two, he does better than the first time, even managing to do something to get a few hits on the Big Bad, but they take down Luffy again and 'kills' him. It's coming down to the wire, everything seems to be going the Big Bad's way, and when things seem darkest, Luffy comes in, goes against the Big Bad for Round 3. They have a major knock-down, drag-out battle, and Luffy manages to pull out the W, and the day is saved.
Well, unless Oda decides to pull something completely out of left field and makes this a surprise Downer Ending for One Piece, and Luffy really is dead, the rest of the Straw Hats end up subjugated or killed in the following chapters, and the story ends with Kaido bringing forth his ultimate war upon the One Piece world.