Personally, I thought this chapter was good. Ever since Gerard's turned into a good guy, his character's improved in my eyes (at least for this arc, he has a reason to be there, instead of randomly being shoehorned in like he was for several others, and now that they're on the same side, he doesn't seem to be derailing Erza's character whenever he appears like he did before); it probably helps that he's lightened up, and he can actually be involved in comedic moments now (like with the end of his fight with Jura) rather than being taken completely seriously within the story.
As far as the Sabretooth bit, it was fairly easy for me to ignore the fanservice - it clearly established that Genma is like what Luxus would have been like if he got his way during his arc, and that Yukino is so loyal to Sabretooth that she'd be willing to humiliate herself to make up for her failings. I'm not going to get into the sexism debate, but with Sting, his defeat could be excused as a common problem with all Dragon Slayers coupled with bad luck - with Yukino, she arrogantly assumed that she'd win in spite of being physically weak, bet her life on the match, failed to land a single blow, and was humiliated in front of a large audience, which would make Sabretooth look bad. The scale of Yukino's failure was simply that much greater; the punishment was over-the-top, but that's to be expected coming from a guild where being number one is apparently the only important thing.
I think most of us saw the Milliana reveal coming, but it's nice to see that not everybody automatically forgave Gerard, and that Simon's death wasn't just swept under the rug. Next week's chapter title seems to imply that Lucy's going to be given the remaining two Zodiac keys, but I've been wrong before; guess we'll have to wait and see what happens.