I don't think they will recover.
Blair and Chuck were my favourite couple but there is a BIG difference between Blair sleeping with Jack to save the hotel for Chuck and Chuck giving her to Jack. This is a new low for Chuck.
I also think that Jenny is acting quite evil, if not just plain bitchy, trying to get between Serena and Nate. I think he knows where his heart lies but Serena (or Erik) will have to do something soon to stop her. I did like it previously when Erik tried to take down Jenny and failed, maybe its time for another attempt.