Might want to put a spoiler tag up if you want to talk about how the thing is exactly go on since it would turn into a bit of a mess in some ends, i might end up poking at future chapters (which i would likely need to rewatch to smooth it out) and really a good deal is likely speculation since i am not exactly that well-versed in other languages then english.

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1. Its basically a afterstory of life after Chaos was ended, everyone`s still recovering from memory lost due to Chaos giving its usual loop gift. Likely the same situation as how all the other loops occurred but since WoL actually took out Chaos`s true body, so its not going to go back into Chaos reviving, causing some terror, Warrior of Light tale getting recirculated by Vox, Echoes, Princess or whatever other elements are used to spread the tale and such and basically be point C to D in the loop, since point B, Chaos rising again to terrorize cannot happen again.
2. Should already be obvious but WoL and Meia are the only two who manage to dodge the memory lost and Likely since the pair don`t want Serah having to remember the messed up system that was the Warrior of Light loop and likely go into shock in the process, since who wouldn`t be freaked out over being a puppet to spur warriors to their death to defeat what is basically a calamity, just to feed Hope to other worlds and due to a loop they have to do it over and over without really remembering each instance to make them decide to stop doing it?

K spoiler/speculation time parts:

1. If you have done the 3rd anniversary and part of the season 2 story in the early bits and noticed the robed Echoes, those ones are likely spreading the Runes around or pushing people towards them, possibly to get a new story of Hope started, since they are part of the Palamecian system and what not. Based on what i have seen on the jpn side of things, i have yet to see Vox making a return so either the Echoes are trying to get a purpose again or they are trying to get some characters into roles to get some kind of calamity going to get Palamecia to take on a new purpose thru a new tale, since the Warrior of Light story loop was kind of the only thing going for it.
2. If you have not taken notice, you can see recordings thru those runes happen loads of time, some details easily change and can lead to whoever is watching them to start getting some ideas in their heads which leads to them remembering things that are more then likely not their actual memories. That scene with that one particular outfit gets reshown with differences and a different character in its place on some ends, such as WoL in Ex-Warrior 2 & what i assume is Graff`s 3rd Legend job, after his FF8 collab job.
3. Very likely the whole Graff and Sophie being siblings is likely a fabrication due to the Runes since Graff`s first cutscene seems like it takes place before WoL takes down Chaos and the actual gameplay for his first chapter is post-Chaos defeat and then he just happens to stumble upon his sister? Plus unless they were throwing out a red herring, it looked like his sister was shown in the first cutscene, clearly looking nothing like Sophie and just one of the NPCs.

ANYWAY, i would have to likely dig thru several hours of storyline video watching on the jpn side of things again to refresh my memory and pick out the details a bit more specifically, since i at least can get a vague idea on the bits, but i tried to avoid as much on any huge detail bits to not get too deep on the speculation bits. Especially since some of those plot points end up causing some major what the heckle questions since it basically turns into two tales between WoL, Meia & Serah in party A and Graff & Sophie in party B for a while. Likely one of the chapters out in jpn finally has them meet and then poop hits the fan, likely with the robed Echoes would reveal what their actual goal is too.

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Very least it feels less like a no-brakes railway plot to defeat the big bad and doubt moments occur, yet the train keeps rolling to said big bad so you still going to have to take the fly swatter to it and smack the overgrown fly to stop it being a annoyance. Welp your choice if you want to keep trying to dig to figure out what the heck is going on and likely ruin it for yourself when it comes to Global or try to avoid taking the plot too seriously.