I can't say I'm disappointed in chapter 274 when I didn't expect to much to begin with. The only thing that bothers me is the ending.
Why was Levy narrator? Is something going to happen to Lucy? What about Charles premonition?
Theory: Charles tell's the guild about the premonition and they:
a)Leave the tournament to prevent a catastrophe. (Although FT wouldn't run)
They leave the tournament, allowing Raven Tail or possibly Zeref to reek havoc with the mysterious power source. With newly aquired powers, they chase Fairy Tail and force them to go into hiding. This forces Levy and Lucy to separate, the only communication available is letters.
b)They stay in the tournament.
The the dark power is released, either winning Raven Tail the tournament or Zeref bringing it to an abrupt halt. The premonition Charles saw could have something to do with Wendy's fate, and that Raven Tail was threatening to do something to her. They say Wendy is going to have a bigger role later. This could be the case if Lucy sacrificed herself to save Wendy, by either dying or getting herself captured. Levy writes this letter in the absence of a grieve-driven Wendy as she and the rest of the FT core members goes to save Lucy. (Possibly an indication a future arc.)
Any flaws in my theories may be pointed out to me if you feel the need, I would like to hear others speculate as well.
I really hope we don't lose Lucy. I have no idea what Mashima's thinking...