The episode opens in medias res, with an injured Mal collapsed in the cargo bay of the deserted Serenity drifting aimlessly through deep space. Through flashbacks, it's revealed that the ship's compression coil blew (something which Kaylee nagged Mal about in the pilot episodes), knocking out the engines. To make matters worse, the ensuing explosion had knocked out the auxiliary power (including the life support), while a fire had used up most of the remaining oxygen. With no other options, Mal sends the rest of the crew away in Serenity's two shuttles while he remains aboard in case somebody picks up the distress signal.
As stated above, the events of this episode are not shown in chronological order. We switch between a wounded Mal trying to repair the ship in the present, and the crew trying to deal with their troubles in the near-past. The episode is also interspersed with other flashbacks showing how Mal and Zoe obtained Serenity and recruited the rest of the crew. However, the story still flows, as the three different time-frames transition seamlessly.
I think my favourite flashback is how Mal first met Kaylee. Bester, the previous mechanic who was hired around the same time as Wash, is not the most competent person around. While the ship is grounded, Mal finds Bester in the engine room having sex with Kaylee. After Kaylee fixes an problem she noticed during the sex which Bester didn't notice while he was actually working, Mal hires her on the spot. Bester's expression when he realises he's been fired is priceless.
Speaking of Kaylee, seeing her depressed over her inability to fix the engine is absolutely heart-wrenching. There's also the fact that Zoe was incapacitated by the explosion, which has an effect on Wash. Mal has to physically threaten him to get him back to work. This episode is probably has most of the characters at their bleakest. That said, it does result in two moments of black comedy: the first is when Jayne (of all people) acts as a voice of reason, by chastising Mal and Wash for having a loud argument because it's using up the oxygen. The other is when River tries to comfort Book by saying they're not going to suffocate; they'll freeze to death first.
While it may be sudden shift in tone from the previous episode, it's nonetheless a strong one. Joss Whedon himself has even gone on record saying that it was one of his favourite projects he'd ever worked on. It's a poignant story, which shows us all how we got here.
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