I havnt posted in years here. I recently replayed the Way. It's still my favorite game of all time.
That said, I was reading through the theories as I tend to when I play the Way, and came across a post by fwacho where he nudgingly asked what the name of the last boss before the final plunge. Arctura.
Edit: What if rhue's sword is neither a shadow sword or illuminati, but something inbetween?
Before delving into the reaches before arriving at the Phantom's Edge, a man tells the story of the illuminati and how at one point the lord below became angry and the illuminati were never seen again. The illuminati, possibly having auras like many other non-living things in the way, could have been absorbed in the shadow swords. What you fight just before the end of dream estrana could be the aura of the illuminati the phantom slasher absorbed.
We know that Gaius has the ability to appear within dream estrana. I also believe he can single handedly control the auras within the sword to direct rhue. Hense when rhue insinuates that everyone else knows what's going on in dream estrana, but he does not. It also explains why Midian seems to guide Rhue towards the phantom's edge for some odd reason, without really knowing what's inside.
What I found even more interesting this most recent playthrough, is how neither the phantom slasher nor Gaius seems to have rhue's interests in mind. They combat for rhue's cooperation for the sole purpose of reaching their own agenda. Traziun seems to be rhue's only real friend in the end.
I also gave some thought as to what would happen in the way after episode 6. Gaius gets what he wants in the true ending. There are shadow swords still out there. The guided are warring amongst each other, Kalmar is dead, estrana is in ruins, key characters are still alive. I think the way would be plunged (No pun intended) into a fullscale war. If I were any good with RM2k anymore I was kind of getting a hard-on for making a fangame called "The War of the Way." But alas, im too old for that shit.
Im sure most of this isn't new and veterans will have a bone to pick at all of this. haha. Sorry if I've repeated something you've read before.
Thanks again Lun for the greatest story ever told.