This chapter was definitely a page turner for me. The whole time, Makarov had this "what the heck?!" look on his face. I think he was underestimating his own 'children' a little too much.
What I'm paying attention to the most is 1. Natsu's right arm. I know there are some theories going around about it, and for the most part, I agree, there is something going on with Natsu's bandaged arm. Based on the fact that he's been grabbing it every time something big happens or some extremely strong opponent comes along, I'm assuming it's some sort of power he's trying to hold back. I wouldn't be surprised if it ended up being some symbol like on Gray's arm or even nothing visibly noticeable at all (though I'd be a bit disappointed for the latter), but I hope Mashima does something different. Besides his arm, Natsu's latest power up is very impressive to me. He's been training harder than anyone in Fairy Tail with (most likely) no distractions from his training. I can't wait to see the full extent of his training, and if he can beat Ajeel and the rest of the Spriggan 12.
There's also the second thing I'm looking out for. 2. What is going on with Fairy Tail Team B? Apparently, Gajeel knows the location of Laxus and his team. I think that, when Team B finds them, they'll either go back to the guild and meet up with Team A there or meet up with them at some other spot. I'm leaning towards the latter. I don't expect all of Fairy Tail to meet up again when all of their strongest members are currently away from the guildhall. The only reason I can think of for everyone to go back is to spread hope by bringing Makarov back. Either way, it'll be interesting to see how they escape from Ajeel. I'm almost thinking this battle will end up like the Natsu .vs. Jackal fight, but maybe not. We'll just have to wait for Chapter 447 to come out.