Essentially, Twin Peaks is about two rival gangs of magicians who have fought to a stand still in a Northwest town. They are now drawing in outside agencies to continue their battle.
The children of Twin Peaks are caught up in the shit storm of synchronicity that always follow such events.
Laura Palmer did not make it through her first initiation.
Dale Cooper is a young magician who believes he is on the cusp of a major break through. He is about to suffer a false enlightenment.
My original summary of the first two seasons of Twin Peaks. It continues in season three.
My only correction would be that Laura DID pass her initiation, even though she died doing so. She has now become a powerful entity beyond the veil.