This discussion may contain spoilers!
There's a lot up in the air at the end of Faith, but we do know that there's at least one killer in Fabletown. I'm not speculating as to who the killer is, but when she/he will be found.
Think about it: if all that has happened so far took place in just one Episode, how many murders can we expect? Say if there were three more to come in episodes two, three and four, that makes five murders. But it seems thay there just isn't enough Fables, or enough time to adequately develop enough personalities to justify five murders.
So my theory is that Bigby will catch the murderer of one, or both, of Snow and Faith, but realise thst there's a much greater scheme in operation.
Episode One was two and a half hours long. To spend another 8-10 hours just in pursuit of a serial killer, and possibly a copycat, seems a little bit too drawn out.
There's hundreds of different ways this can go, it's just so staggering! But does anybody have anything to add to, or discuss about, my theory?