Significance: Once again, as Cole is a boy, or a very young man, he easily represents, and is associated with, the Page cards. Seeing as here he is a spirit, connected more with the Fade and magic than the material world, hence him being the Page for this suit of Staves.
The card itself represents: Women ages 36 and younger, restlessness, new creative inspiration and new ideas, being zealous and lively, curious and sensual, fun-loving, self-expression, welcoming challenges, loyalty, long-term plans, etc.
If Cole is a spirit, he becomes fun-loving and has a new zeal and appreciation for his spirit self.
Reversed: Petty rivalries, impatience, end of freedom, resistance, restraint, self-destruction, flattery from a false friend, being easily influenced, delinquency, vampirism (energy), etc.
Engulfed by a body black, he stands with his left hand on his breast, it is a show of submission as he submits to his true and original form, his spirit identity. Yet, he is not unmaterial, though he shines the purity of white, as though Fade-like smoke or flames rise from his body, as reminder of his abilities as a spirit and connection to the Fade. Yet, he retains his tangible form when he needs to, he can swap in and out as he pleases, and be pinned to this world without losing his freedom as a spirit. In his eyes, a silver flicker reveals his mercifulness and understanding, as he can feel the hurt of others and aid them to heal or ease their pain.
What I think this means for Cole: He will have a connection with perhaps beings from the Fade and may be able to learn some truths, important information perhaps. It will be interesting to see the interaction in a future game with Cole as a spirit.
What I think this means for DA: Same as before with the Suit of Swords, his ability to read minds and connection to the Fade may be what is needed to help people like Solas and to learn more about important people and other things surrounding that.
Links to the Tarot Decks Used in the Comparison, the DAI Tarot Deck, and the Books used to determine what the cards actually represent: