Lyric discussion by Hand of Maedhros 

Cover art for Nightfall lyrics by Blind Guardian

Other people have said what it's about. I live this song because it accurately reflects the end of an age.

"The light she once brought in Is gone forevermore" and "farewell, he said"

For the Noldor were leaving Valinor, so they believed, never to return until the end of the world, unless death sends them there ("for slain ye may be, and slain ye shall be").

It also well depicts the emotional pitch of the Noldor upon the tongue of Feanor, "full of hate, full of pride!" They lusted to make war upon Morgoth and they were letting nothing get in their way.

As usual a great job by the band.