Yes, things are looking dire for Guts. But they've been looking pretty dire for a really long time, actually.
And don't forget Miura has claimed he's only about 1/3 of the way done with Berserk. I think your head would explode if you tried to imagine the kind of things they'll be fighting 2/3 of the way through. Which also means Guts and his super sexy loli have a lot of time to power up.
I'm making the following prediction: the elf king will pull a Guru and unlock the hidden powers of Guts and co.
Also: manga needs more Serpico.