- I Think Therefore I Am What I Think: A fey exists in exactly the way it sees itself. The least of the fey are flighty, shifting constantly, and are usually visible as little more than balls of light. The most powerful fey (the lords and ladies) are those with strong personalities, and are more or less fixed in their current shape.
- There Are No Boundaries: Most fey have trouble telling the difference between fine clothing and rags, between people of different ages/races/genders, between mortals and fey, or even between physical things and abstract ones. As such, they freely offer humans drink not safe for mortal consumption, and can steal someone's eyes or voice as easily as their wallet. For this reason the Wild Hunt treats all things as prey. Feycrafted weapons have powerful magic effects, being shaped from raw concepts. The names for different "species" of fey were invented by mortals, and the fey themselves do not understand them (using only names and titles).
- We Are The World: Fey as a whole are connected to nature - disrupting one has an effect on the other. For instance, killing the lord(s) who embody Spring would prevent Spring from coming; a fey who lives in a river is most likely river-like, and damming the river could kill it or mutate it into a different form. Industry symbolises man's dominance over nature - thus most fey are harmed by manufactured items which do not occur naturally (eg. high-grade iron, plastic) and have trouble entering settlements larger than a small town. Canny fey will abuse this by hiring/tricking humans into killing their enemies.
- Glamour: Because of the nature of their existence, fey have the ability to create powerful effects which blur the line between illusions and reality warping. The most common examples are transforming one substance into another (eg. dirt to gold) or making themselves appear inhumanly beautiful.
- Geas: Fey also have the power to enforce commands on themselves and others, which are permanent until rescinded (though not all can be). Generally this is used by a lord to control their subjects, but it can also be used to punish mortals or enforce deals. This also means that a fey who has decided on something is almost impossible to convince otherwise.
I personally like to treat these as parts of one whole concept, that of unity and separation.
Firstly they have no inherent boundaries in the literal sense. Everything is not part of one organism, everything
is one organism. However, while in this state, nothing can interact with another, because they cannot have will, volition or even action. By taking on boundaries, they gain identity and distinctness but lose much of the power of the whole.
So the most fundamental boundary is a mind, the mind gives a continuity and identity to a given being, without a mind they won't remain distinct for long, and will just meld or disperse before long. However, since all they are is their thoughts, their ideas must be to some extent real, or it threatens their own stability. So when they say something, the world reflects it as truth(true magic) and glamour(lesser magic, without enough power to stay real). When they give their word, it is binding upon them, because their word is what keeps their identity, breaking it would break them.
Hows that?