"Answers" mark 3.

[Enkidoh]

Correct me if I'm wrong here, but the Land is Hydaelyn, correct?
So either she is singing in third person or it's not Hydaelyn at all?

Either way, this specific bit is pretty clearly referring to us, the Warriors of Light. Which, I think alone, tosses the idea that someone is singing to us, or that it's Hydaelyn? Seems more like some sort of folk song, honestly.

The whole song obviously has some form of duality, but I think maybe thinking of it as two separate groups at all is a bit of a stretch.

Sorry to jump back to this, but yes, that's pretty much what I assumed too. I still have the 'making of' DVD for version 1.0 that came with the 1.0 Collector's Edition that I'm pretty sure included a brief interview with Uematsu explaining about how he wrote the song, so I think I might load it up again and see if he mentioned anything specifically (such as the theme of the song and the idea behind it).