Am Deck der sinkenden Welt

[Havanah]

I love the third song in this video, but I don't totally understand what is happening. It is a dream, is Sissi losing her mind and slipping further into darkness, is Franz just realizing that Sissi isn't his? Can some one please tell me what is happening in this fantastic song?

-mwoodscc on youtube

So, what do people think is going on?

When watching if not when analysing, as you probably know, I tend to take Death quite literally. He exists and that's it. From this base I take it quite literally as Lucheni explaining what happens to the family and then Franz Joseph having a nightmare about how everything is falling apart.

However, this question really did start me thinking about the song and what it's about. Would be interested to know what people think?