At long last! I've been looking forward to reading your work. (Mostly so I can return the favor with the mean comments... just kidding!)
Right off the bat, in the prologue, I love that the POV character is some kind of mage familiar. Very cool.
The "thinking brackets" <> bother me though. I think you'd have the same result with italics and/or simple quotes, but that's just me. I'll get over it.
Garrad was outraged. Vernack knew it even before he leapt from the throne, blue eyes blazing and hands balled into fists.
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Show, don't tell. The first sentence told us his mind set. The second part of the second sentence showed us. Go with the show.
By page 4, I'm already overloaded with teasers. I know prologues can be a great place for setting up stuff that can be explained later, but my gut feeling is that you can do that once. Twice, at the most. So far though, you've mentioned wars, drow, Elbans, demons, and gatherings of mages. That's fine, but just consider explaining all this stuff as you introduce it.
...the new Bearer would come of the Queen's blood, so her line will keep it and see the prophecy fulfilled."
Is this what your story is going to be about then? (Neat.)
The end of the prologue was pretty abrupt. I like how you fast forward many years. Just consider doing it a little more smoothly
You have a huge imagination. I'm really excited about this story. Elves, drow, betrayals, wizards, etc... I eagerly look forward to more. Unfortunately, most of the prologue -especially the the first 5 pages-- fell apart for me. I was completely lost, and that took me out of the story. Sure, I could follow the basic idea, but having no context to put things in on frustrated me. Also, with the exception of the first few paragraphs, I never got a sense of where the characters were, or who else was physically present. (I like the idea of Vernack having a whole gathering of peers "listening in" on his conversations though) Things got better starting on page 6,however, when the elves arrive. Consider possibly just starting it right there.
Regarding Chapter 1....
SO much better.
The prose here is almost from a different writer. (LOL, Again, I'm teasing, but it IS stronger and more in control here) It's not as hurried and is far easier to read. I wouldn't necessarily say this chapter is "exciting" per say, but its neat to see what these elf boys and girls are doing.
I find it odd that a teenage (??) elf would refer to girls as "elf-maids" or "elf-girls". Wouldn't that be like you or I walking around talking about "human girls"? I could expect a HUMAN character to say "elf-maiden", but not an elf. Make sense?
That's a...um... pretty blunt way to tell kids that their mother is dead. Felt a little out of place for the king, even though we were just getting to know him.
“What exactly do you think I could have done about it? Sickness cannot be fought off by silly things like swords, you know.”
This line bothered me quite a bit. That's a really, really shallow thing to do at a time like this. Maybe this king is a jerk. If that was your desire... well done! (And bonus points for having his sons only refer to him as "Sire") But if you're looking for this king to have any sort of warmth or wisdom or gentleness to him, this line is out of place.
(Edit... after reaching chapter 2, I see that he's a jerk. So... yeah, good line!)
Overall -- good job! I'm looking forward to catching up and reading the rest.