The vex seem to be central to the story looking forward to seeing what kind of part they play alongside the traveler. Th e cabal and the fallen most likely just want the travelers powers, and the space zombies are also mysterious as well , don't know what they want.
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Yeah. Dunno about the Fallen. Deej posted (in "New Beginnings" on the Bungie Blog) you'll see Fallen souls leave their corpses, so there's something supernatural about them as well as the S-Z's. Opinion's leaning toward the Cabal and Fallen being two separate factions, or that some Fallen lead the big guys too, and that's the Cabal, but not like an alliance of equals suggested by that bit of concept art where they're marching together. Maybe everything sentient, living NPC or PC has an "ethereal soul" and that can figure into PC regeneration, or if your whole party's wiped, reset to the city or world hub. In any case there's "souls" and in an SF setting that says transdimensional shenanigans to me. Not sure how undead figure into that if that's indeed what the S-Z are. It's Bungie, though; I'm confident we won't end up with a wormhole to hell with a capital "Event Horizon". YOU LET ME BURRRRRN