I feel like this is Freddy Vs. Jason 101. lol.
I agree with you Evil Dead that the end of the movie where Jason walks out of the water carrying Freddy's head is in the dream world for two reasons.
1.) Jason does not seem to be afraid of water as he slowly walks up to shore.
2.) Jason holds Freddy's head with the same hand that Freddy sliced his fingers from. Jason's fingers have returned.
I myself am glad to see that Jason won the Match. I am a fan of all the slasher movies...but Freddy preys on little kids...and an adult is just overmatched for him.
I have been hearing rumors that there is going to be a sequel...maybe then we will see Freddy prevail.