Just finished the series for the first time.
It may be my personal all time least favorite ending for any TV show I've enjoyed.
I just despised that little pause when the screen goes black and a handful of seconds after it goes to the credits. Should of just went straight to the credits. All of us in the room where we watched the finale as it aired, thought the cable had gone out and something was wrong because of that slight pause of the black screen.
The ending was better for me on the 2nd watch-through. I had only seen Seasons 5 and 6 once (as they aired) so it was really like watching it for the first time all over again I remembered so little.
The ending now makes some sense. My take is Butch wasn't being truthful during their sit-down with the Soprano family and still had someone kill Tony.
Ever since that little piece of foreshadowing (or what I think is foreshadowing) where Tony passes by Butch at the hospital after visiting Phil and Butch says "we have to stop meeting like this" and Tony doesn't reply just has a strange look on his face, I felt it was foreshadowing the Butch would ultimately cause Tony's death.
Then fast forward to when Butch is speaking to Phil on the phone in the finale and suggests a sit-down with the Sopranos, which Phil disagrees with and tells him that once this is over they need to talk, Butch replies but then Phil says your breaking up and hangs up the phone. I think Butch realized then after the Sopranos are wiped out he might be on the chopping block, so in his head sets plans in motion to get rid of Tony and Phil. Who benefits more from Phil's death than Butch? Get rid of two potential threats, and maybe even take a step up in the Lupatazzi family to Phil's spot.