[Spoilers] What Exactly ARE Elune's Powers?

[Aresk]

That's incorrect. Tears of Elune are made from.. Elune's Tears, as shown in the latest cinematic.

So Elune DO have a connexion to the Naaru, and, Blizzard being not subtle, if they implies that Elune did create the Naaru in game, it's because it's an important lore information to be used later, so we can take that as words of gods.

What can be possible is :

Elune and The Winter Queen and other future members of Pantheon roamed reality and helped the First Ones to shape the balance, so she created the Naaru at this time. Then, when the time came, she and her sister took her roles in their respective realm to make the balance works, and started the great cycle. She became a member of the Pantheon of Life.

Two things seem to go into this direction :

First , we know from the mushroom guys in Ardenweald that the Winter Queen came to Ardenweald at a certain point, meaning that the land existed before.
secondly, from the Grimoire of Shadowlands, we know that at some point, the winter queen and Elune " parted way ", which mean they were together at some point.

Lastly, from the folkore of Azeroth book, the legend do say that Mu'sha ( Elune ) roamed the land before with her twin, An'she. So that already make two sisters and one brother being at the same place during the same Era. ( Which, on my theory, I will call" Proto Azeroth ", prior to the black empire )

The cinematic shows the creation of the Sisters' Tear, not the Tears of Elune. We also know from Chronicle that the Titans are the ones who gave the Tears of Elune to the Keepers. While it is possible that the Titans obtained the Tears of Elune from Elune, such has never been stated. Also, of interest regarding the recent tear is the fact that the quest objective uses the plural possessive, implying that the Winter Queen also contributed to the tear's formation.

The only illustrated connection between Elune and the naaru is that a pillar bearing Elune's name activated Light's Heart. According to Velen, this would imply that the Tears of Elune were created or formed from a descendent of Xe'ra, since only a naaru of her line could activate the heart. This is then contradicted by Medivh's tome that theorized Elune created Xe'ra, which only goes to illustrate that the characters' knowledge surrounding Light's Heart's activation is unreliable. While we know the Pillar of Creation was sufficient to unlock Light's Heart, we do not know precisely why. While it is possible and has been suggested that Elune is in fact the creator of the naaru, we've really not had this confirmed, unlike some of the other feats credited to Elune (e.g. Cenarius' birth), where we have reliable accounts conveying those details. Other examples of a possible but unsubstantiated link exists from Velen likening Elune to a powerful naaru, to which Tyrande replies his claims are outlandish.

Also, where did Marasmius say that Ardenweald predates the Winter Queen? We've been told that she and the land are one, which implies that the land did not exist before her. Marasmius does talk about the early days when it was just the two of them, but that only means he predates the rest of the Ardenweald denizens, not that Ardenweald itself predates the Winter Queen.

[Raetary]

we know the Tears of Elune, as a Pillar of Creation, were created by the Titans (and Elune being a life counterpart to the Eternal Ones heavily suggests she is not a titan).

Eh no.

The Tear always was the one that stood out between the other Pillars, based on its name, use and function it very much was NOT a titan creation and which is now confirmed in the latest cinematic.

The most likely explanation, the one that's been pretty much theorized the most at the time, was that the Tear was given to Eonar by Elune, who then bestowed to the Azerothians.

[Aresk]

Eh no.

The Tear always was the one that stood out between the other Pillars, based on its name, use and function it very much was NOT a titan creation and which is now confirmed in the latest cinematic.

The most likely explanation, the one that's been pretty much theorized the most at the time, was that the Tear was given to Eonar by Elune, who then bestowed to the Azerothians.

That's a reasonable explanation, but we've never seen any mention of that. In particular, if the Titans had some interaction with Elune, it should exist in Chronicle, given what we know of Chronicle's viewpoint, but it's not there. The only reference I could find to such an event is a mural from the Temple of Elune, but if she was aiding the Titans in the Ordering of Azeroth, one would think they'd mention it (unless they were unaware of her involvement, created four powerful artifacts, then just stumbled across a fifth and said, "Yeah, this is now ours too. Here you go, Keepers!").

[Dakhath]

Some things should never be explained, Elune is definitely one of them. The more info we've received about her in the last few years have only diluted any spectacle she had.

[Houle]

Elune has the power to be a wildly inconsistent plot device when writers want to do something with a Night Elf character.

the only correct answer right here

[Engal]

There is still a shred of Hope, Grimoire of the Shadowlands do mentions that Elune and the Winter Queen were in the same place at one point and parted way.

Which means that maybe both of those were roaming reality, helping to shape the First Ones design ( like Elune Creating the Naaru ) , then went on their respective assigned realm to put the Great Cycle into motion. Would explain why she became, in the eye of Xal atath, an " upstart godess "

After all, they may very be splintered essence OR Children of the First Ones. The note in Tazavesh says that " Each Architect ( first ones ) gave a part of themselves to bring balance to the cosmic forces "

This might be this.

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I respectfully disagree with you on the point of Elune not being the creator of the Naaru.

Blizzard is rarely subtle. If It's been brought like this in game, it wont be denied after like " oh lol this was wrong ", blizzard would never state something like this if it's not exploitable after.

Elune did, during the ordering of Light and Shadow (when the first one balanced the cosmos, in this era ) , create the Naaru.

What was supposed was that someone from X'era's line, a descendant, could activate Light's heart. It was a supposition we never saw coming to pass, we don't even know if that would have worked.

However, Kadghar then mentions that Elune did create the Naaru and then was " well, we have a tear of Elune, let's try it "

And it worked. So 1+1 = 2. There is no mentions of descendant, but of creator, and that was confirmed by the result of this experiment.

Another point, it is possible that the Tear of Elune was a creation of Elune + Eonar.

The tear we saw in Ardenweald has a wooden base and leaves around the crystal.
The tear we saw in Azeroth has a pristine solid ( metalic? ) base and a cristal clear as day, almost... perfect... or may I say ordered.

so there is something there ( along with Elune being a patron of life and Eonar being called " the Life-Binder " )