Calador and Chapter 3 spoilers
 

Okay, Went from becoming a guardian on Taranis with Calador as the next logical stop, to get pure iron. As I'm doing quests there, I trigger chapter 3. This seems weird to me, as I haven't even visited several of the islands yet. Are there any repercussions to triggering Chapter 3 so early? I don't know if there are physical changes to any of the islands if you trigger this. I don't want to miss out on quests or loot because they're only available in Chapter Two.

Nope, no problems.

No quest is chapterlocked backwards so don't worry.

Unlike Drakensang and Dragon Age: Origins, plus completely different from games on horrible Aurora engine, there are no points of no return apart from the final battle. Every single existing area you can revisit any time.

The only way the islands change from advancing to a new chapter is that a few more monsters are sprinkled around and some merchants get more powerful weapons and equipment.

That's all good to know, thanks!