Welcome to the first backstory of Vesperia. These events occur before the main events of the game regarding Raven's life before being Schwann or even being Raven. This holds the majority of the information pertaining to his relationships back then and fills some possible plot holes.
-The monster Damuron and Canary meet up with is likely an advanced version of the Outbreaker as the two both respond to a high usage of aer. Furthermore, their attack patterns are quite similar to each other.
-Damuron is a bit wary towards Phaeroh as he catches a glimpse of him as he was defeated by the black monster. This is heard in disc 2.
-The arte Canary is using is likely not a base, altered, or arcane arte, but a basic version of the burst arte, Garnet Chaos, which Raven also can use. As described in this sequence, the arte is able to fly at high speeds and give off light.
-And yes, as obvious as it is, Raven's fighting style does stem off of Canary's fighting style as her family's bow's design is extremely unique. It's highly likely that the bow she keeps with her is the first of its kind. With that, Raven continues to pay his respects to his dear friend by fighting in her style.
-It's likely that Yeager is the mysterious boyfriend of Canary. This can be referenced when he pulls out the cyrthanthus bloom when mourning for Don. He also fights in a similar style to her, except he uses a scythe that changes shape instead. Furthermore, during the sidequest to obtain Canary's bow (Divine Cannon), Gauche and Droite mention that Yeager has a close connection with Canary. Although Yeager and Raven never met, Raven likely made the two's connection through that bouquet of cyrthanthus blooms (fire lilies), and was further confirmed when he heard from Gauche and Droite's defeat. This can also explain why Raven holds such a grudge against Yeager besides the death of Don. This is also why I decided to kill Yeager with Raven's arrow, but more specifically, with the burst arte Garnet Chaos, as it makes a pretty clean connection.
-This CD also introduces a new type of blastia call Cadis blastia (Cardia = heart). This was never mentioned in any other part of the story to my knowledge.
-Although Alexei was headed towards the path of ruin already, it may be possible that Raven is a factor to his corruption as well. By denying his identity as Damuron and the loss of the Canary Brigade, Alexei has lost the dream of nobles and commoners interacting with each other on equal grounds. By continuing to act as an empty soldier, Alexei likely came to the conclusion that extreme measures must be taken in order to make his dream come true.
-It was also mentioned in the game that Raven had an unusual relationship with Duke, but wasn't mentioned on how he knew Duke in the first place. Now it's confirmed that the Raven met Duke during the expeditionary mission at Temza. Although Duke doesn't recognize him afterwards because of Raven's change to Schwann, Raven still acts as if he knows Duke well. Duke is also now confirmed to have relations to the Royal Family of the Imperial Empire. He is also found to be the one who caused Dein Nomos to go missing.
-There are certain inconsistencies with the manga and this CD. For one, this CD contains more dialogue than the manga. Somlas and Livites are seen dead before Damuron and Canary escapes. There are some dialogue in the CD that appear as monologues in the manga. A lot of small inconsistencies that don't hurt the whole plot all together. Stuff like that.
My own impressions:
I think this really does tie up quite a few loose ends that were left in the game. Although I'd only recommend hearing this CD very occasionally or even just once. After listening to it frequently over the past three months, I started laughing at the dramatic parts now. The CD, I think is well put together, but now leaves me wanting to fight that black monster in the real game. There were inconsistencies in the CD as well, which leaves me needing to reference the manga frequently and the speech patterns often throw me off as well. Regarding Damuron's encounter with the entelexeia at the end of his life, there wasn't a cue that he really did see anything. This leaves me puzzled as he started becoming wary of Phaeroh's appearance in disc 2. His reaction is not seen in the main game. Also, hats off to translators who do this on a regular basis! This thing was hard!
References: The manga - Seriously, this thing wasn't even translated!
Source: Tales of Vesperia - 虚空の仮面・前編