I think the "Hope" comes from the alternate cut of this scene, if you'll recall the theatrical trailer, there was a version of this scene where Merry says "You will see the Shire again"; Shore probably named the track at a point when they were still using it. And the memory part is fairly straight-forward then, pertaining to Merry remembering....
As for the music, it's lovely, one of the few tracks that can actually bring a tear to my eye. You can just feel Merry and Pippin's agony at being seperated.
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