This is to Forrests theory article I just got to read, you mentioned the edge of all but you failed to mention the double sided and constantly spining world theory, while it could be metaphorical for the cycle itself, it could also be a way to explain the spider realm and such in a more simple manner. To extend this further, what if it combines both the cycle and mutiple dimensions, rather than one side being evil they are rather just one side and another, one ruled by the old gods and one ruled by Nyx and Wyrd, and the cycles are the extension of the battle between the two.
To twist it further, what if there is no battle between the gods, but rather another being is being traded back and forth between the respective worlds, in the form of the leveler, if you think about it at least two levelers have been effectively sent to the other side, Balor's head thrown into the great devoid, and "A thousand years later he was drawn and quartered on the plains before Ileum, the tireless horses dragging the pieces of his lifeless body to the four corners of the world" sounds like just as effective a way to send him to the other side, the burying under the Mountains of Kor, could have been deep enough to perhaps over time send the leveler over the other side.
Anyway just abit to chew on. Of course I don't know if I agree with any of what your saying, I'll come up with a collective Myth theory as soon as its opensourced (c=
-Cunbelin
