I see a more political meaning in some sense (no allegory though!): Memory of the past must not be forgotten, even when times are changing.
The fading of the elves, the coming Dominion of Man, the loss of the Entwives (and one could argue the passing of Frodo, see the "Did Frodo complete his quest?" thread I think) are all variations on the same theme: the glorious past fades away and something new comes into play. The return of the king of the days past (Aragorn) and the fact that those who know history are considered as wise in M-E underline the idea that rememberance is important. Anyone must get the feeling of loss when reading, say, the Grey Havens. What makes it political is that it's a quite conservative message (in the literate sense, not political party sense) - giving respect to the old, not to forget the ancient wisdom.
I'm perfectly certain nobody understood what my point is - I'll have to think about how to express my confused mind better. I'm lame at expressing feelings & ideas, I'm better at materialist descriptions!
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