It's very much a "scene-setting" chapter. A pause between two distinct chunks of the Valinorean half of the book. Chunk one is more the "how things came to be" chunk, whereas chunk two is very much the "what happened" chunk. So this chapter takes some time out to pull back a little and describe the current situation before we head into the second chunk.
Regarding the Teleri, in one of the HoME essays it's stated that each of the Teleri and the Noldor viewed the other as really being Avari at heart. It's obvious that the Noldorin viewpoint came from events in this chapter (but not wholly so).
It's also very interesting to see that the three kindreds are as different from each other as Elves are from Men, and as Men are from Dwarves.