The Faen and Mortal realms play a significant and undeniable role in the Chronicles. In Kvothe's tale and in the small facts gleaned during our insights outside the tale itself we learn several things: Kvothe returns to the Fae after he is with Felurian, that the Fae adhere to many, if not all the traditions that Mortals have forgotten, or attribute to antiquity, Gramyre, and Glamoire are commonplace in the Faen realm, and the Fae can remain in the mortal realm for an indefinite amount of time.
We also learn that the Faen realm has a different concept of time than the mortal realm. Time in the mortal flows like a river, in the Faen realm, day and night are much like a side scrolling video game. Time of day remains constant, but the Fae and Mortals found in that realm age. This is further supported by Kvothe returning from the Fae, being taller, older, and wiser in the ways of women when only days had passed in the Mortal realm.
The 4C world and Pat's Chronicles focus heavily on magic, the Fae, the mortal, naming, and most notably the moon. The Shapers created the Faen realm and stole the moon. We have two direct accounts of this, one from Hespe, and a second similar one from Felurian. Hespe's account, if we can believe it with its embellishments and storied nature tells us of three things that happened before the moon was stolenthe creation war was ignited. First, Jax, whom we can assume is the shaper Felurian mentions is shut behind doors of stone, spoke with a hermit in the mountains who offers to teach him to listen. This roughly equates with the knowers trying to talk to the reckless shapers in Felurian's tale. Next, Jax learns of true names from the Knower, and of the secret tools that he possesses. The flute, the folding house, and the box that is empty. This is the most interesting part of the story as it is not featured in Felurian's tale.
If we look at the objects as storied symbols they reveal several traits attributed to Jax. The folding house represents Jax's creativity, his recklessness, and a piece of his power. It demonstrates a control over time, matter, season, anything you could think of, but not mastery. The lack of mastery is demonstrated by the description of the house as a monstrosity, a thing missing roofs, with time out of place, and with seasons being different in each room. The house is also a fictionalized representation of the Faen realm; its loose fitting windows and doors symbolize the gaps that the Fae and Mortals use to slip between the worlds. Next is the flute. A flute made of jade, it held the beguiling nature of Jax, the allure of power and his desire for the moon. This again, with his actions following its discovery cements his recklessness and need to barrel ahead without heed for the advice of others. Finally, the box. The box so empty it is screaming, yet still Jax cannot hear. This artifact symbolizes both Jax's mind and heart, they are empty of the happiness that Jax seeks as well as the knowledge of what the things he claims to have mastery over want for themselves because he declines to learn the subtle art of listening. Again this object is used to depict a flaw in Jax, his need for mastery and control. Jax uses the box to capture a piece of the moon's name. It says then that Jax's box became warm and full, but still he could not control all of her. This leads to the idea that Mastery is not true power and ties in with the Maer's conversation with Kvothe about Granted and Inherent power.
In Hespe's story, The Moon was fond of Jax and had promised to return, yet knew she must go. Much like a new lover things in knowing come with time, and understanding. This is the same difference that the Maer illustrated and is illustrated here between shapers and knowers. Granted power allows one to surpass one's own limitations, while Jax forgoes this idea and believes that by making himself more powerful he can gain mastery over anything with nothing but his inherent power. The over-arching meaning beneath both of these tales is that through listening and through granted power and patience Jax could have created a new world, one without cracks, that stood fast, and one that the moon would willingly share, as her gift freely given without obligation, let or lien. A world where there could have been peace between the Knowers and Shapers.