The Ending (Spoilers)

I think it was almost a case of realizing that something he had built his whole life around, his burning need to kill D'Hubert, had been snuffed out. He had FAILED. I was expecting to see him falling as the scene faded out, as he killed himself, unable to live with both his failure and his sudden lack of direction.

There are nights when the wolves are silent and only the moon howls. -George Carlin

There has been some speculation that D'Hubert represents the aristocracy of the time. Feraud, a commoner who rose to be an officer, symbolizes Napoleon, a commoner in the eyes of Europes's ruling elites who rose to become Emperor and challenged their status. Feraud challenges the status of D'Hurbert via duels, Napoleon challenges the status of Europes ruling class via wars. In the end Napoleon is exiled by the allies of Europe to a life of loneliness on St. Helena. Feraud's fate is similar, exiled to a life of moral solitude by D'Hurbert. Even Feraud's hat is similar to that of Napoleon's hat, visually reinforcing the connection.

As one of his fellow officer's remarks in the film of Feraud, "Now there was a fellow who would ride straight at anything." And so he rides straight at his fate, accepting it.