Warning: The following may contain game spoilers. These are not actual events in the game, but relate to certain events which may serve as spoilers. Read at your own risk.
As a side note, I was unsure as to whether or not this belonged as an article, so I put it here instead, seeing as it's notable, but not necessary.
Being a complex, story-based game, there are currently many rumors about the plot circulating on various fansites and articles. I've decided to put a few of the most interesting ones here. As a note, I did think of some of these, namely, the one surrounding Scarecrow; others were found.
1. Guardians
The concept of the guardian is an enthralling one. Apparently, a guardian is the protector and helper of a messanger. There are two guardians in the game, Belgae, and Keats. They share many similarities, which may prove that there are certain traits all guardians have.
For one, Belgae is a halflive based off of an apparent warrior who died for Livane. Oddly, Keats is also based off of someone in real life--Herve, who died to save Ellen. Therefore, some have taken up the opinion that Keats is Herve and Belgae is the warrior, (halflives are technically souls of the dead brought back by wishes)and that becoming a guardian was a reward for having sacrificed themselves for a messenger.
2. Who is Keats?
Many have come to believe that Keats is a halflive, and there is much evidence in the game supporting this idea. For one thing, Keats recieved a mysterious phone call just as Ellen needed help, and it was never revealed who the call was from. Thus, the call may very well have been Ellen's subconscious reaching out for help. Another point is that Keats looks exactly like her childhood drawing of Herve, leading one to believe that he was created from her wish that Herve was alive. Keats' powers are also different from Ellen's, and him becoming one with the folks could point out that he is more closely related to them than Ellen, and is therefore a halflive. Last but not least, Ellen asks Keats if "This is the Netherworld too?" at his office, hinting that his office is in the Netherworld.
Yet another possiblity is that Keats isn't even a real person, but some kind of manifestation of Ellen's subconscious. Given that Ellen (whom we know is real) can only summon folk while Keats partially merges with them, even able to use their power literally as his own during his Trancendant state (Ellen's power is summoning folk, but she still relies on the Folk themselves).
Some even go so far as to say Keats IS Herve's soul reincarnated, though his personality seems to differ greatly from Herve, leading to the next theory...
3. Who is Scarecrow?
Some think that Keats is Herve, but one bizarre thought is that Sacrecrow is Herve. Herve actually showed Ellen the picturebook in the first place, and seemed surprised when Ellen thought the scarecrow was "cute." Both seem to clearly value happiness and friendship, as Scarecrow is perpetually-happy, and Herve tells Dr. Lester to thank his parents for "always smiling." Herve and Scarecrow both wanted to be Ellen's "best friend forever" and seem unfrightened by the unnatural (Scarecrow actually made better friends with Charlie, the skeleton, over the other halflives). Both are loyal to Ellen, even to the extent of spreading fear across the earth, or dying for her. As a side note, Scarecrow appeared just after Herve died. This would explain why he sided with Keats against the Faery Lord as well; he did not wish to harm who he once wanted to be--Keats.
May add more later. I apologize for cutting it off so quickly. As another note, I haven't signed up here, just wanted to put my and other's theories somewhere. Apologies.
Edit: "Interesting" overkill. I changed some words around so it would sound a bit better.
---Sawyer