Women were ascendant on all fronts. Anne Bonny kills the muscle-bound man who threatened her. That became possible because of Eleanor's astute plan. Max is freed, at last. Miranda Barlow seduces Pastor Lambrick. And a female slave in the hold with Scott puts Bryson out of his misery, in a slave uprising which not only serves the conscience of humanity by Flint's goals as well.
Flint, however, is by no means totally victorious, not even in the ethical dimension in which he usually reigns. Billy winds up overboard as the Walrus seeks to make a hasty departure from cannon balls starting to rain down on the deck. We see Billy and Flint cutting ropes to free the Walrus from a mast that has gone overboard. Then a second cannon ball hits. Next thing we know, Flint is shouting that Billy went overboard. There's no time to go back and look for him.
Did Flint have something to do with Billy falling into the water? We don't see anything like this, but Billy's fall from the boat happened at an ideal time for Flint - Billy knows about the letter that Miranda sent, and Flint now knows that Billy knows.
I'm a firm believer in the television principle that if you don't see someone's head point blank blown off, he or she may still be alive. In the case of Billy, we've seen nothing at all of his departure.
Plus, I think Flint is a better man than that. So, I predict that before this season is over for Black Sails - which it will be soon - we'll be seeing Billy on some island or boat.
See also Black Sails: Literate and Raunchy Piracy ... Black Sails 1.3: John Milton and Marcus Aurelius ... Black Sails 1.4: The Masts of Wall Street