The question is: What lies in the shadow of the statue. Notice it says "what" and not "who". But the answer is HE who will save us all. The "What" in question changes to a "He". I don't think this wording is accidental or insignificant, read between the lines, there is some kind of transformation that happens there; maybe as powerful as whatever changed the man that Flocke used to be into the smoke monster he is today.
So what could that transformation be that is inferred there? Perhaps the "what" in the question is a corpse. John Locke's dead shell lies in the shadow of the statue... but how can "he" save us all? By coming to life again? I am in the camp of fans that has always believed that Locke will indeed be the one to save them all. Maybe it's just wishful thinking, he is after all my favorite character. In The Substitute, we've now seen the real John Locke is still a part of Flocke when he shouted out at the boy "don't tell me what I can't do". So maybe it'll be through Flocke's current manifestation, or maybe through some kind of reanimation of Locke's corpse, I don't know how yet but Locke will be the one to save the day, to "save them all".
As far as how he saves them, I don't think we have been given enough facts yet to figure that out, but here’s the rest of my long-shot theory: Maybe because Flocke possesses the 'essence' of Locke, he now has made himself an unwitting Candidate, and he wrongly crosses off Locke's name from the cave wall. What if Jacob could in the end possess the body of Flocke to be his replacement? I'll tell you what... we'd have BALANCE. Two opposing sides at war, and yet one cannot exist without the other. Light and Dark, Faith and Science, Good and Evil. However you define them, if either side destroys the other, they both lose. Jacob's plan all along was to trick MIB into becoming someone that they can both possess, the two halves becoming a whole. Maybe that’s how they started out in the first place.
I know this is all far fetched and I'll probably change my mind soon anyway, so please feel free to disagree.