Gibbetsss and Crrrowsss!!!

1) Personally, I have always interpreted the reaction of Theoden's men as being like they have been given a clear, cold shower. It's a great shock, but a bracing one that brings them back to their former state of alertness. Theoden speaks thickly and with an effort, as if struggling out of a deep sleep. I imagine that his surrounding soldiers are likewise quite lulled and, when Theoden's voice strengthens into a condemnation of Saruman's motives, they are jerked awake. After an initial flash of anger at their king's "childish" rejection of the great wizard, I imagine that the soldiers would realize the trick and respect their king all the greater for his resistence to it. After all, it is made quite explicit that Saruman's voice has its limits. He can only concentrate on one person at a time, leaving the victim's comrades untouched and aware of the ploy.

2)"We will have peace" is a really ambiguous statement. I think I held my opinion until the next sentence when I read the book the second time. (I was eight the first time I read the book, and thus didn't really understand what was happening.)

3) Wormtongue is truly a wretched character, even more so than Gollum (who at least went out with a bang!) and I imagine him writhing in hideous knowledge of the enormity of his mistake throught this entire scene. He was certainly wishing death for Saruman and Theoden alike. Wormtongue, being technically the "Mouth of Saruman" for quite some time, seems to have possessed an easily malleable personality. He had a softly poisonous voice, probably enhanced by Saruman's voice, and was chaotic in his loyalties. He was once, according to Gandalf, a solid adviser to the king. He was also an effective servant for Saruman until Saruman lost, whereupon Wormtongue was no more than a cowed wretch constantly attempting to kill his master. Considering Wormtongue's propensity for relatively abrupt shifts in loyalties, his personality seems to have been extremely weak. I think that Saruman, with his divinely strong personality, brought Wormtongue easily to his side through well-crafted spin (and, of course, the Voice).

4) Saruman's chaotic debating skills shows that his personality is cracking at the seams. He is losing control. Actually, he has lost control (and the battle, the fortress, his liberty and all the rest) and is desperately flailing about to try (futilely) to regain control of Theoden's mind. Alas for Saruman, the jig is up and there is nothing left for him (except, of course, repenting of his ways and joining Gandalf's forces against Sauron.)