At the conclusion of the fight with Victor, Gromit and the Were-Rabbit share a high-five — which leads Gromit to let go of his safety line. Were-Rabbit Wallace sees what is going to happen and dives into open air to catch him, cradling the dog against his chest as he falls.
Shortly after Wallace seemingly dies after saving Gromit, Gromit revives him with a slice of Stinking Bishop cheese and then we have the following:
"It's me again! I'm back! Gromit! You clever mutt! Well done, old pal! (dances around, hugging Gromit)
Hutch going to the bunny preserve at Lady Tottington's. While she and Wallace didn't end up together, she'll always have him there in some form.
Hutch: (as he's sent flying out of the Bun-Vac and into the air) CHEEEEEESSSSSEEEEE!!!!