Author's Note: This may be a huge mistake and may end up ruining the mystery or whatever. So if you don't want to know, I guess you shouldn't read this part (as it could be considered a spoiler of sorts!)
Anyway, this is sort of an analysis on the actual poem (first chapter...) in case no one caught what I was doing or would like to see if their thoughts were along the same lines as mine while writing this!
Italics: Poem.
Underlined: Who the stanza may be dedicated to.
So... here we go:

-*-

Cheater's sheet

Slightly dedicated to Laguna
Crimson crust, : Blood's been dried from line 2
Broken trust : A supposed promise to return to Winhill ASAP...
Nowhere to be found. : So basically, he (arguably) betrayed Raine, and her blood was spilt and trust was broken.

Could be to either Raine or Julia...
Fragile heart, : Julia, and perhaps Raine, waited before sharing her/their feelings.
Torn apart : Heartache as a resulting effect of fate.
Shattered to the ground. : The broken promises to return obviously had drastic effects on the people taking part in them.

This can apply to numerous characters... Take your pick? :)
Flooding tears,
Falling fears
Windows to your soul.
: The eyes are thought to be windows to one's soul...

Poor Quisty
Buried love, : Her hidden feelings to a certain person...
Wingless dove : A symbol of her slight envy towards Rinoa's hold over *cough* supposed person
Never to be whole. : Unrequited love... She tries to hold out for one person in the beginning of the game, but there are times when her feelings cause more pain because they aren't a common factor in the professional relationship (if that makes any sense...)

Refers more to the opening scene than a specific character.
Feathered petals, : Rinoa sending her love through petals and feathers alike.
Worthless medals, : The heroes receive all sorts of 'prizes' in the end...
Scars for memories. : Two gunblade specialists battle it out...

Renown pianist, Julia Heartilly.
Songs of past, : Eyes on Me
Not to last, : She died, and so that's going to have lasting effects on all her fans and family alike.
Haunting melodies. : Sort of sums it up, huh?

Bright little brunette, Selphie.
Sunny days : Well, "sunny" describes her usual personality.
Set ablaze : (See line 3)
Missiles streaking down: Yep, Seifer's missile launch has a major impact on her because of its target: Trabia. The death of many of her classmates is bound to hit hard...and it shows.

Seifer
Faulty prime : The power he has is not quite pure, since he's not really in control.
For all your crime, : Acts he committed under the sorceress (torture, missiles, attack on Garden...)
This one takes the crown.: Sacrificing Rinoa to Adel, in the eyes of Rinoa, Squall, and perhaps himself, could take the cake as his worst betrayal. Problems galore, and not much to do but continue on...

Still Seifer, and perhaps the rest of the FF series
Shrouded sight, : His romantic dream fails him.
Faithless knight
Caught up in a dream.

Directed to the whole "Save the world" theme connecting all FF games :)
Floating Earth, : Taking in the view of the world from space during the Lunar Cry...
For what it's worth,
Broken at the seam.

Squall
Griever strife : Reference to the GF
Brought to life, : Which they'd just fought...
Driving home your doubt. : Doubt of his inner strength to get through the barren landscape in the end. After the fight, and he's forced to wonder the barren landscape... he's probably doubting the strength of Laguna's words "You can't do these things alone. You need somebody You need love and friendship for this mission! And the courage to believe it. It's all about love, friendship, and courage!" (Sorry, that was long!)

Edea
Mystic death : Not quite death, but it was pretty close, being possessed and all.
Stole your breath,: Breath as a symbol of life. Her life was taken from her as she tried to protect those around her.
Orphans brought about : Orphans were created by one sorceress, and sheltered by another... who was taken over by the one more evil sorceress.

This can apply to several characters, but I'm leaning towards Squall
Top in class, : Always being challenged by Seifer.
Suppressed sass, : (And he thinks Laguna talks to himself too much...)
Would-be prodigy. : So, this can connect to the last stanza, which expresses Laguna's apology for some of the above regrets.

Laguna
Caught in past, : Memories of broken promises.
Free at last, : Finally woken up to reality.
Accept my 'pology? : A question to Squall, Raine, and Julia.

-*-

Ah, does that help anything? Or make it even more confusing...