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I'd love one of those epilogue episodes where everyone's grown up and has kids and we got Ash and mysterious-never-before-seen-girl's kid off to become a Pokemon master. Gary's taken over from Oak. Brock became a famous breeder and is now running away from fangirls. Misty's, umm I dunno she's already a Gym leader. Max takes over from his Dad. May gets together with Drew and become the worlds best doubles pair or something. Jessie and James get together have a kid, open a legit business make millions and send Christmas cards with their motto in it to Ash every year. Meowth evolves into Persian and cosies up back with Giovanni who's older now and retired.
And I haven't watched the recent eps so I dunno what they're up to.
That's how I'd ending with the current audience in mind of course. But I could imagine the above happening.

Pokémon is immortal, thus it will never end.

dawn would be pushed off a cliff by may's blaziken and eaten by a kyrogur while may laughs in the backround.

So, I want a shot of Ash defeating the Elite 4 and a fade to black.

And then flip forward to a NEW trainer, getting his first pokemon with a Pokemon tournament on the TV and Ash (As a silhouette, not actually stated, but you can TELL) is shown as the current final member of the Elite 4 Champion.

Pikachu becomes infected with rabies and Ash must kill it Old Yelller style. Having given up on his Pokemon Master dream, Ash joins a boy band, which eventually busts. After countless times of rejection from the female species, Brock has finally achieved his dream: Becoming a pimp with his very own brothel. Nurse Joy and Misty's sisters all work for him, Brock's new goal being to become the head pimp of the pokemon world. After giving up her career as a gym leader, Misty became a stripper, but was then kidnapped by Brock and sold into human trafficking. Ash's mother remarried to Professor Oak, both happy with two children. Now, as for Officer Jenny, one of them became a bouncer at the biggest night club in the pokemon world. She previously worked for SWAT but quit her job when her partner Squirtle was gunned down by friendly fire. Because no one cares about pokemon any more by this point, Professor Oak quit and works for Geek Squad. Gary Oak works at Game Stop now by this point at the end of the story, and sells crappy video games to little kids. Jessie quit Team Rocket and was hired as a waitress at an 80's diner. James, having come to terms with his sexuality, also quit Team Rocket to join a gay marriage protesting group that protests for gay marriages every Tuesday, while he also works part time as a hair stylist. Meowth quit being Team Rocket's mascot and moved on with his life by getting in touch with his Brooklyn roots, having become the king pin of the pokemon mafia afterwards. Lastly, to end this tale, Tracey stopped working for Professor Oak and now works for Disney, creating new Pixar characters. He is secretly in love with James. The last scene would then show Ash in his run-down apartment after revealing everyone's future, drunk and wallowing in his sarrows as he asks himself the question: Where did he go wrong? It then fades to black and the credits roll.

Everything above was discussed as the future of the pokemon characters between myself and my friend. Please note that all of this is not my idea alone. xd

The only way I could accept an AAML ending is if the whole last episode focused on their son/daughter leaving on an adventure and only slightly hinting at it being their kid.