This is the last time Steve transforms himself into Stefan. The next time Stefan makes an appearance is in the season finale "Send in the Clone" when Steve clones himself and his clone is transformed into Stefan permanently making Steve and Stefan separate entities later in the series.
Laura sings "Saving All My Love For You" to Stefan. Steve previously sang this to Laura in Just One Date (1992).
Stefan winks at the camera, therefore breaking the fourth wall which rarely happens in this series.