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Agalloch – Not Unlike the Waves Lyrics 16 years ago
For me this song is all about The Universe. Comparing the sunrise, oceans and plains of ice in such poetic language makes me feel great awe and by saying that they are "not unlike" each other they are saying that they are fundamentally the same and are merely facets of a greater whole which is The Universe.

I'm sure what the lines "Heidrun bleeds the golden nectar for the rising sun and the moon
The midnight wolves who watch over the dawn, the golden dawn" are about. Perhaps it's just a part of Norse mythology that the band finds particularly inspiring. Regardless it sits quite well in the song.

This song is deeply powerful and leaves me feeling insignificant within The Universe yet awed and inspired that I am part of such a thing.

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Agalloch – In The Shadow Of Our Pale Companion Lyrics 16 years ago
As other have said this song seems to be about their pantheist beliefs and disillusionment in humanity. The character is seeking a higher meaning and finds it in nature. This realisation and his misanthropy leads him to commit suicide.

I am unsure what "In The Shadow Of Our Pale Companion" means though. The lines "In the shadow of the grim companion who walks with us" and "As I'm stalked by the shadow of death's hand" suggest that it is death and that his mortality and the ultimate futility of life contributed to his depression. It is quite ambiguous though so I am not at all sure.

More interpretations please!

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