Qaddaffi wants to remain in power, dying in a hail of gunfire will make him a martyr but won't leave an opportunity for his regime to return. He will be looking for revenge now against what he sees as an international conspiracy to overthrow his government. He is going to hole up in a sympathetic nation and direct an insurgency through the tribes that have propped up his regimes. His sons will die and be the martyrs for the cause.
The Libyan transitional government will face increased terrorist style attacks from the pro-Qaddaffi insurgency on top of dealing with its internal power struggles. The primary goal of the insurgency will to to discredit the transistional government and create a violent and unstable security situation that leads to an increased foreign intervention. Once the foreign advisors and troops are on the ground in great numbers, Qaddaffi will be able to point out that NATO's goal was the occupation of Libya.
In order to prevent the pro-Qaddaffi insurgecy, the transistional government is going to have to complely purge the capitol of Qaddaffi supporters. Without a functioning justice system or military, this means mass executions. The international community will not stomach that kind of bloodbath from the "good guys", and will work to prevent this from happening. Unfortunately, that will enable a greater and longer period of low-level warfare and conflict. Libya is going to be another failed African state.
I think it is likely now that the oil fields are under a greater threat than they ever have been. Libyan oil is highly valuable light-sweet crude used exclusively by Europe. Oil revenue will be a major source of funding for the transitional government. The pro-Qaddaffi insurgency will attack those fields to weaken the transistional government and deny that oil to Europe in revenge for the NATO support to the rebels.