I really cannot be bothered posting all my thoughts, since it can be found easily anyway, so ill just give a synopsis of what I think the album is about..
Ghost Of Perdition - About a woman giving birth to her child, dying herself during labour (her life for the child). All through the song it is obvious that the devil has his own hand in this pregnancy, and it seems that the mother had planned for the child to be given over to satan. The demonic version of the divine birth I guess you’d say. This child is the main character for the album.
The Baying Of The Hounds - A very cool song about how the baby, now partly grown up, feels the tug of its demonic parent (ie. Satan) calling to it. The song is basically used to describe Satan and the main characters battle between revulsion towards Satan, and longing for someone to care/love him/her (ive always favoured that it is a female, but this isn't really important). Note: The hounds here are the hounds of hell. If you hadn't realised.
Beneath The Mire - A continuation from the last song, the main character no longer revulsed by Satan, but willingly embracing him, culminating in calling him Master. Notice the introduction of the pronoun 'you', showing the growing void between normal society (other people) and the main character. Also note the use of imagery of bodily decay, linking with becoming more and more under the spell of Satan, very important later on in the concept..
Atonement - A nice, simple, fakely-happy song, since it is not about being saved at all, but about finding release & rebirth in the devil’s arms. From this point on, the main character is completely immersed in Satan's loving arms.
Reverie/Harlequin Forest - About the only song without heavy demonic influence, this is a view into the state of the mind of the lead (and what her life is like, since this points to her being a serial killer), confirming her utter loathe for mankind. The title "harlequin forest" is an extended metaphor for humanity, the last stanza showing her true purpose in life - to kill, destroy, and burn down the human forest. A very bitter girl (or boy) she is.
Hours Of Wealth - As you can tell by the music, this song is really just an interlude, putting the story on pause. This is what Akerfeldt means by a pseudo-concept album...this song has no bearing on the story, and while you can reconcile it with the concept if you wish, nothing is gained from doing so.
The Grand Conjuration - Here, after all the build up, it is finally revealed what the devil wants her for, what her ‘task’ is. He wants her body, her form upon Earth. This is to be his coming upon the mortal plane of Man, and for this he shall take her form to lead his flocks to his new kingdom. Screw The Exorcist, this is demonic possession at its finest. Her body has been decaying for a while remember, all to prepare her for Him. Note the last two stanzas though, a lingering display of her underlying humanity and desire only for someone to be with her/make everything right, as only the devil has ever tried. That this is about possession has been confirmed in interviews with MA btw.
Isolation Years - Not part of the concept at all, as Mike has said. Just a nice song to end the album on. And no, it is not because of this song that i believe the main character to be a girl.