This came out Friday and I watched it last night. I...was kinda bored? Maybe I'm not as into Pee-Wee as I thought I was...as it sounds like some other folks' sides were splitting from hilarity but I just wasn't there.
I think we still have two universes, with a "bridge" between them under Liberty Island. Walter and Olivia can come out of that area and be on their world; Walternate and Fauxlivia can come out of it and be on theirs.