(Time for my first forum post) Solid chapter overall. I do think Makarov is dead. That being said, because this is Fairy Tail and whenever someone dies, you wonder "is he/she really dead" especially after Gajeel and Juvia, it does take away the emotional aspect somewhat. If Makarov somehow comes back, i hope it happens at least after 5 chapters, to let the death sink in. But i don't think he's coming back. He fulfilled his role.
Makarov's death (for now) reminds me of a similar death in Rave Master although i won't spoil it.