Brandon is a playful mood seems pretty devious...

Some of the text appears ciphered, it's not the final text but some intermediary text. Or this was made to look like cipher or code, when in fact it isn't.

Some clues have made letters vanish, added or removed spaces, switched letters or have made whole words appear... That may not be, probably ain't the end of the tricks... I wouldn't be surprised that down the line we find out the words aren't in the right order for now, and only the last clues will re arrange the final sentences, making them less and less scrambled.

Brandon seems to have designed this to make the game "geek proof" and defy codebreaking and make this last to the end. If he gave us the full text "in clear" as the clues are found, it would not take very long before we can fill in most of the gaps. We wouldn't need even half the clues. As for ciphers/code, codebreaking is a major geek hobby and data for patterns in English are very well documented and analysis tools are readily available, and we also have plenty of examples of Brandon's writing to narrow down his variations from the average English patterns. And that's the same with codes and ciphers. Perhaps down the line we'll have a step where we'll end up with a ciphered text that makes sense, but if Brandon revealed it bit by bit even with gaps, there are plenty of people out there for whom all but the modern encryption (or unbreakable ciphers eg: if you cipher a text using a text the same length of the message... that leaves no patterns and if you don't have the text used as the key, the text remains undecipherable) are pretty much the same as clear text... it would get broken very fast... people would analyze how much instances of each missing letter there should be in a text that long in Sanderson's English, then look at the stats to pair missing letters to revealed letters in th emost likely ways, and fairly fast it's pretty much just feeling the gaps intuitively.

But Brandon seems to be aware of all this (very geeky of him ), aware that the clues won't necessarily come in the right order, and he seems to have designed things so there's nothing to "break" before he wants us to be able to read the text (toward the end of his game only, would be my guess). I'm guessing the first real clue we have is that it's a Mat scene, probably POV. The rest are steps toward unscrambling things, but my guess is that there isn't much that is clear text right now (or a final ciphered text). There's clearly red herrings, as some letters have already switched later etc. My guess is that toward the very end we'll end up with the words in complete disorder at first, then in the last steps Brandon will put them back more and more in the right order, and the final clue will give us the clear text. If there's a cipher involved, it will probably help us to move forward, but solving it won't give us the final clear text in the right order.

It would be quite fitting if this scene concerned Verin's letter in some way, as she wrote in code.

My feeling is that this will be the text of Mat's first scene in the book, though if some # keep changing to full words, it might actually be the full chapter one. We'd have it at about the same time Tor released TGS' last year