I have a friend that wants to play, but has no PC and only a PS3, so he doesn't know the details of the game, though I've tried to keep him in the loop since he will be playing once PS3 version is released. He also played FFXI with me. Anyway, I sent him the video this morning, with the following bit of information attached to it (with links to learn even more). Hopefully this helps you out.
Nael van Darnus (also known as The White Raven, prominent member of the Garlean Empire), was trying to call Dalamud (the meteor) to hit Eorzea to wipe out everyone and everything and start anew. However, after he was defeated in the story missions, an important figure involved in the main storyline's prophecy, named Louisoix, revealed that Dalamud still was descending. Louisoix urged us to go on a pilgrimage around all of Eorzea to pray to the 12 deities in the game for their help in preserving Eorzea, and he said he would "do his part" as well, citing that as long as "you" (ie the player) survived the imminent impact, Eorzea could rebuild. Louisoix also made known that the Nael's Imperial followers were gathering where Dalamud was expected to land, as if to welcome it. Adventurers were urged via system messages (think Campaign battles in FFXI) to head there. On the official SE FFXIV website (The Lodestone), it was announced there would be a final battle lasting the final two hours before impact. So everyone headed to "ground zero" to participate in it last night. When the Impact timer hit zero, everyone R0'd out, and then the video played.
A bit of context, since you didn't get to play 1.0...
http://www.youtube.com/watch?v=39j5v8jlndM
0:50 -0:57 - The port city of Limsa Lominsa
0:58-1:02 - The merchant city of Ul'dah (like Jeuno)
1:03-1:06 - The wooded city of Gridania (like Windurst)
1:14 - This is the location of said final battle
1:30 - These are the three leaders of the above nations. Left to right is Kan-E-Senna of Gridania, Raubahn of Ul'dah (on chocoback in armor), and Merlwyb of Limsa Lominsa (also on choco but a lot more visible
1:35 - The Empire watches from the safety of an airship
The next minute or so are the "default" (ie stock) adventurers in battle against the Imperial faction that followed Nael van Darnus.
2:28-2:30 - This is Cid (which every FF game has a version of). He actually was part of the Empire and was involved in Dalamud to some extent, but left the Empire when he realized they were trying to call it down on the planet, and helped the adventurers take down Nael van Darnus.
2:48 - The "key" thing that fell, in a live Q&A that followed Impact, the Producer said this and why Bahamut was contained inside Dalamud will be explained in 2.0
3:22 - Ul'dah gets obliterated.
3:50 - Limsa Lominsa is next.
4:11 - The blue protective cocoon that suddenly and unexpectedly saves the adventurers is cast by none other than Louisoix
4:30 - This is a montage of important characters from each of the three nations as they pray to the 12 deities in hopes of summoning their protection.
4:39 - Louisoix summons the deities' power in hopes of resealing Bahamut. The symbols that surround Bahamut are those of each of the 12 deities.
5:20 - Realizing it didn't work, and that all hope is lost, Louisoix makes one final move to at least save the adventurers by warping them... somewhere. He then smiles on that small victory and accepts his and all of Eorzea's final fate.
By the way, the song being played is "Answers," the official FFXIV theme song, by Susan Calloway, who also performs the theme songs for FFVIII (Eyes On Me), FFIX (Melodies of Life), FFX (Suteki da ne), FFXI (Memoro de la Stono), and FFXII (Kiss Me Goodbye) at the FF Distant Worlds live concert events! She's awesome. Here are several version of "Answers," if you'd like to see/hear:
http://www.youtube.com/watch?v=Rbuto9wfEHE (just the song itself)
http://www.youtube.com/watch?v=JxQIciJWx9g (a FFXIV tribute video, also includes the lyrics)
http://www.youtube.com/watch?v=VMhcyzQ7mKw (Susan Calloway performs it live at a Distant Worlds concert)
Lastly, upon the final patch when the Final Save was made on Nov 1, and Dalamud was so close that lightning was shooting off it in places, all in-game music throughout Eorzea changed to this: http://youtu.be/7ZITw3Ub-K0