As I remember, Galadriel says the phial contains 'the light of Earendel's star, set amid the waters of my fountain'.. Galadriel's power is related to water - she bears Nenya, after all.
And, yeah, the 'embalming' thing. I think that's central to the Elves, the core of their psychology, & what motivates them, so I think, in some way it comes into most things the Elves plan. If you leave that out, you miss a lot of what's going on with them.
Tony, well, as long as your concept of what you need to see is very wide. I think it does show you what you need to see, but not in the strictly practical sense.
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