I just re-watched the last 20 minutes of the show and took notes.
Regina said to Emma that when the curse hits the town, it will erase all their memories and Storybrooke will be erased , like it never existed and that "the last few years will not have happened" and she (Regina )and the others ( in Storybrooke) will go back to being stories again. As soon as Emma and Henry cross the town line they will then have the life that they always wanted , a life together from the beginning . This was the gift that Regina gave to Emma and Henry. So if the last few years never will have happened , that means that all the people in Storybrooke will go back to the Enchanted forest and will have never known they were in our world , effectively means that NO ONE that was in Storybrooke will remember ever living there or leaving the Enchanted Forest in the first place. This will include Regina and also Emma and Henry as well as anyone in Storybrooke , except apparently Capt. Hook , who is not from Storybrooke in the FIRST place. None of them will remember ANY of the last few years ,because Regina undid her original curse making it as it had never happened.
So Emma and Henry ,because they have been in our world since Emma was a baby and Henry was born here, may still have their memories ,but they have been falsely imprinted with a past that Regina gave them ,which fills in the past from Henry's birth. So they got their happy ending. So Capt. Hook maybe able to jog their real memories under the false ones, but everyone else in the non existent Storybrooke will not remember because the whole town never existed and the curse was reversed like it never happened. Which means an entire reboot of all the characters and the show itself. That was my take on it and I watched and took careful notes to be able to discuss this in depth.
Now all that being said, they can always come up with a reason that no one remembers the last few years in our world and dismiss the time line syfy explanation and dip into even more phantasy and or supernatural reason tied to the curse. I think it is a reboot so Regina can become the evil queen again and they can retell all new stories without the past holding them back. Especially since Regina proved her love to Henry by sacrificing her life with him and her memories of him by undoing her original curse. They have to find a way to bring her back to being her evil self ,so she can once again make everyone's life in the Enchanted forest a living hell. A reverse of the curse as if it never happened would also mean Rumplestilskyn (Gold ) should be alive again in the Enchanted forest. Unless the guy who plays him wants out of his role.
Sorry, had to rewatch and verified my belief that your notes are wrong. Here's the exact quote of the relevant dialogue:
Queen: Emma, there's something I haven't told you.
Emma: What now?
Queen:When the curse washes over US, it will send US all back. Nothing will be left behind. Including YOUR memories. It's just what the curse does. Storybrooke will no longer exist, it won't ever have existed. So these last years will be gone from BOTH YOUR memories and we'll just go back to being stories again.
Emma: What will happen to us?
Queen: I don't know.
Emma: That doesn't sound much like a happy ending.
Queen: It's not. But I can give you one.
Emma: You can preserve our memories?
Queen: No. I can do what I did to everyone else in this town. And give you new ones.
Emma: You cursed them and they were miserable.
Queen: they didn't have to be. My gift to you is good memories. A good life for you and Henry....
[Discussion about the false memories.]
Please note the distinction between US and YOUR in the dialogue. Regina never says that the people from the Enchanted Forrest will forget, only that they will be sent back and can never return. In fact she says "both your" memories referring to Emma and Henry's memories instead of saying "all our" referring to everyone's memories.
Based on that, I stand by my opinion that the only memory loss indicated by the dialogue is to Emma and Henry.
Regardless, it's a fantasy show and writers will be writers, so anything can happen and they can retcon anything at a later date if they see fit. Which sort of makes this disagreement moot, but I couldn't help but continue to argue for my interpretation.
Edited to correct an autocorrection of "Retcon" into "retain."
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