Hmmm. My first thought was that Damon was going to turn Jeremy - it's foreshadowed with Jeremy wanting to be a vampire in S1 and Damon killing him in the beginning of S2. What if he gives the magic ring to Elena for protection going into the ritual, ends up getting killed himself, and Damon feeds him blood? It'd also be a reversal of the "Jeremy's girlfriends always die" pattern.

Elena would definitely have more impact than Jeremy, though. I really have no idea what to expect in terms of pacing with this show, lol. I want to say it's too soon, but you never know.

We're kinda running low on humans, though. I mean, Alaric's chances don't look good, and I'm betting either Jenna or Matt also ends up dead, since they've both been pretty expendable. If they turn Elena or Jeremy on top of that, who's left as human?