I am sorry to revive a somewhat old topic, but I came across this today and just wanted to give my view of the Third Prophesy.
"And in the End of the Second Age, the Great Unifier shall pass."
My first guess is that this is an overview jumping ahead of the rest of the prophesy, but then the second verse doesn't fit. Discarding that, I don't know what the Great Unifier would be (perhaps the Crolna?)
"Upon this leaving, shall chaos and disaster come."
"Land and Sea shall part, the middle can not hold."
The Seldane and Undine aren't getting along anymore, they've lost their "middle ground".
"Air and Fire shall wreack havoc, and Night shall fall."
Ursylph and Ignae aren't helping matters, and a dark period begins.
"From the Night to the Next Dawn, what was One shall become Many."
(Overview) Before the dark period ends, humans begin having kids and popping up everywhere.
"The Bird of Two will bemoan his fate, and that of the Third."
Umm. . . .
"The World shall be sundered before the Coming of the Dawn. / And shattered shall it be ever after."
Before the Next Dawn, the elements begin their dislike for each other and never make up.
"The void shall not keep the parts of the Whole."
No one element has control anymore. (Perhaps control over the Crolna?)
"For the powers of the Four Directions shall form a Fifth."
Humans arrive (that is, the Next Dawn hasn't come about yet).
"The Four parts of the Opener of Ways, Made One."
Crolna's put together.
"This shall be the Key to the Fifth Element."
The Crolna's the key to the humans' survival.
"Those that walk the Fifth Element will bring the Dawn."
Humans will bring the long-anticipated Next Dawn.
"And from those Walkers will be brought a New Order."
I'd guess that this just means that humans become more organized (mages especially), but perhaps this refers to Alaric's system?
"Only the Walkers of the New Order shall have the Unified Power."
Humans now have the power. (Or maybe the Crolna? lol)
"And those of the Four Directions shall be at their mercy."
The humans have the power to sway the balance, therefore the elements are at their mercy.
That's what I've always thought at least. Now that I've heard all these theories that it takes place in the future I may change my view, lol.