The song is very open, so lots of interpretations have been made over time - from it being about the dragons to the ascians to the players themselves. I, myself, have always figured that - since it was made in 2009-ish to be about Tanaka's version one, that it was primarily Hydaelyn, the Children of the Land (us), the primals, and the cycle of the eras. I'd ramble on about it for several pages, but there's a music & lore panel live from PAX tomorrow and we might get some Answers then. Pun intended.