Sam and all of Jon's friends are graduated to full members of the Night's Watch, and everyone is given their assignment. Surprisingly, Jon is going to be a steward, which seems to be a punishment from Alliser Thorne; but since Jon is going to be the steward for the Lord Commander, maybe it's not so bad.
Jon and Sam go north of the Wall to say their oath at the godswood there.
And while they're there, Ghost goes out and finds a corpse's hand, which saves this chapter from being totally bloodless. (Every chapter needs a little something gross, right?)