**Answer: an error.**

Try it:
```js run
function makeUser() {
  return {
    name: "John",
    ref: this
  };
}

let user = makeUser();

alert( user.ref.name ); // Error: Cannot read property 'name' of undefined
```

That's because rules that set `this` do not look at object definition. Only the moment of call matters.

Here the value of `this` inside `makeUser()` is `undefined`, because it is called as a function, not as a method with "dot" syntax.

The value of `this` is one for the whole function, code blocks and object literals do not affect it.

So `ref: this` actually takes current `this` of the function.

We can rewrite the function and return the same `this` with `undefined` value: 

```js run
function makeUser(){
  return this; // this time there's no object literal
}

alert( makeUser().name ); // Error: Cannot read property 'name' of undefined
```
As you can see the result of `alert( makeUser().name )` is the same as the result of `alert( user.ref.name )` from the previous example.

Here's the opposite case:

```js run
function makeUser() {
  return {
    name: "John",
*!*
    ref() {
      return this;
    }
*/!*
  };
}

let user = makeUser();

alert( user.ref().name ); // John
```

Now it works, because `user.ref()` is a method. And the value of `this` is set to the object before dot `.`.