I watched the film again. Wow, that ending is a mind trip, alright. It's all scifi up until the last 5 minutes when it turns into Hellraiser-in-Space. I actually found the 'floating' of Reinhardt into Maximillian very awkward.. Don't know if this was the intention, but it almost looks like Maximillian is laying down Hans on an off-camera bed for some sexy time.
Here's the ending: http://www.youtube.com/watch?v=E-Xwu-1PDzo
What does it mean? I'm guessing that the Black Hole was a gateway to Hell. The merged Reinhardt and Max were so evil that they were given special treatment in the underworld and now have a middle-management position. The Palomino crew didn't belong in Hell, so an angel escorts them through a gothic vaulted tunnel until they emerge in another universe.. I would say that it's Heaven, but VINcent is there.. why would a robot go to Heaven? Then again, why would the innocent, tortured crew of the Cygnus be left in Hell with Reinhardt? Makes no sense, but I love it.