Ned & Peter: Spoilers for Band New Day
I'm seeing a lot of people talk about how "The Power of Love is FAKE, but the Power of Friendship ENDURES!" or some such, and how a single handshake broke the spell and now Ned Leeds remembers who Peter Parker is. I disagree, and I'll explain why and why I think that it's a more interesting story if the spell wasn't broken. My thesis:
First, Ned saying "Peter!" post-handshake, post-introduction doesn't mean shite. MJ called Spider-Man "Peter" in front of Ned. Ned knows that Spider-Man's name is Peter. Ned's flash of recognition isn't the spell breaking, it's him connecting a dozen dots that have been seeded throughout Ned's experiences post-spell.
First, what does Ned Leeds know? Prior to Spider-Man showing up in his life, Ned knew a few key details. He knew:
That he had forgotten something important.
That he must have known Spider-Man, and vice versa.
That Spider-Man must have attended the same High School together.
That Pop Culture and the MCU itself is filled with a dozen mystical and scientific weirdness that could wipe memories.
Regarding Ned's memory and him knowing that he's forgotten something, it's one of the inherent problems of a memory spell. If you wipe someone's memory of an entire person, that's all well and good... until you realise that people that have hung out together for years and years will now have major gaps in their memory. MJ was close to Peter, but Ned has years on her, years of memories that were defined by his and Peter's relationship.
The sensation of having forgotten something would be greatest with Ned because so much of his life was with Peter, and so either he'd have these inexplicable black spots in core memories (like building the Death Star together, or being the Man in the Chair during Homecoming) or he just has forgotten much of his teenage years. I'm hesitant to say that Ned assumes more, knows more than he lets on, like whether he remembers being the Man in the Chair and wondering what kind of relationship he must have had if Spider-Man trusted him like that, but it's entirely possible.
Then Ned Leeds meets Spider-Man, and they just... hit it off. Like a house on fire, like a hand in glove. They have the same interests, they have the same humour, they continue each other's bits. Fast friends is an understatement, they spend so long together that MJ has time to draw them and she sees clearly how close they used to be friends.
And then Spider-Man has to leave, and MJ lets slip Peter's name.
Now, we don't get Ned from hereon out beyond a brief scene showing them afflicted by psychic nonsense, until the reunion at the end of the film. However, Ned does have a good couple of days for to ruminate on Spider-Man, on "Peter," on what he knows and what he's forgotten.
Now, I don't know about you but "Peter" is not "Flash Thompson" or "Roger Harrington." The two people Ned suspected was Spider-Man, neither of them fit who he met. He's not Flash, he's not Roger. He's got to be someone else, which means... either Ned was wrong about his theory about Spider-Man possibly having attended High School with him, or this "Peter" fellow was scrubbed from any records, which isn't out of the question.
I mean, unless Peter Parker was always relegated to the ends of any class photos, there'd be a person-sized gap in the line up. Hell, I'm sure Ned has countless photos that are just weird because it feels like someone should be in them, but there's not. It's not like the whole photo is erased, as far as I remember. Just Peter. It wouldn't be too hard to assume Ned kind of just put two and two together and wound up realising that "Peter," whoever he was, was erased not just from the record, but from existence.
Of course, maybe Ned hasn't had any of these thoughts, and the end scene is just Ned realising that Weird Flower Guy is Spider-Man, but I much prefer the idea where Ned meets Weird Flower Guy again, and they shake hands, but it doesn't stop at a shake and Ned is baffled as his body remembers the movements to a handshake his mind has forgotten.
And maybe it's more than just reflex. You could easily justify some kind of chemical reaction going on in Ned's head: a flash of dopamine, or something like that. It's not just the handshake that overwhelms Ned, it's the fact that his brain is currently blasting him with positive emotions, of nostalgia and the like, and this deep, soulful sensation that he has found some missing shard of his very soul, one he didn't even know he had...
And then Peter Parker introduces himself, and all the dots just connect.
Weird Flower Guy is Peter Parker.
Peter Parker is Spider-Man.
Spider-Man must have attended High School with Ned, from how often Spider-Man appeared around the school.
Ned must have known Spider-Man from how often Ned remembers Spider-Man saving his ass.
Both Ned and Spider-Man have insane best-friends chemistry.
Ned can't remember. Just as MJ couldn't, neither can he. However, unlike MJ, Ned admits to knowing that he cannot remember anything. as such, the conclusion is evident:
Both Ned and Spider-Man must have been friends, and Ned, for whatever reason, cannot remember.
Why do I think this is more interesting than the spell simply breaking? The answer's obvious. It is the end result of what must have been years of work on Ned's part, connecting every dot he had access to, until he just needed a handful of pieces left to complete this puzzle and get answers. In a way, Ned has been looking for Peter ever since that spell. And now he's found him.
It also offers an interesting look into their relationship going forward. I don't know about you, but I feel like Ned, for all that he's excitable and can freak out over one thing or another, he's also fairly aware and accepting about how strange a world he lives in. I don't think there'd be as much angst about his missing memories from his end. He could take it in stride, looking forward to making new memories, and letting his subconscious guide him. The spell might not have broken, but they'll make new memories, and their friendship will endure.