User blog comment:Retro7/Fairy Flush Reviews: The Face of the Girl I Saw Back Then/@comment-904888-20120901024500

My theories:

The fact that Levy is writing down that this and that died, it at least hints (but no more than that) that this arc will conclude the entire FT series. And I do think the person she is referring to as dear is Gajeel.

Also, the fact that she is writing that letter to Lucy means that Lucy is still alive amongst the wreckage, or else she is so traumatised by the events that she cannot distinguish whether who has died or who has not (it could be an unfortunate misinterpretation). She did receive very serious injuries (bandage on her wrists, scar on her forehead, etc).

Yukino suggests that Arcadios is trying to save the world, but no one knows that. Whether that is true or not, we still have to see, considering she is probably referring to us readers as well. If what she said is true, Arcadios might be:

Using the Eclipse gate to summon the dragons back, causing the sole dragon left in this world, Acnologia, come to the arena, and Arcadios' plan is to have those dragons and the powerful dragon slayers unite together and get rid of Acnologia's threat from this world once and for all. I am inclined this is his motivation, considering that if he is using the Eclipse plan for malicious purposes, he wouldn't have called Lucy and acceptable loss (he wouldn't care otherwise), and he did intervene on her behalf when Minerva was practically torturing her.

So yeah, everything points to the fact that This arc might be FT's last arc.