Democracy isn't happening happening. Over a 100,000 people have decided to give their lives just to try and get rid of Assad, he sure as hell isn't gonna leave voluntarily after all of this, just doesn't make sense.

I read that the 2012 Constitution, for whatever it's worth, has a term limit that would not allow Assad to run again. Is this true, and if so, does it offer a peaceful transition of power in the near future?

From what I can find the current President can be reelected for 1 consecutive. Consecutive is quite a key word here, as it would allow Assad to put someone else in charge for one 7 year term, after which he can rule another 2 terms. Another option is just ignoring the constitution, which you definitely can't rule out.