a timeline

[Istaev]

1992
Burzum - s/t
Darkthrone - A Blaze in the Northern Sky
Immortal - Diabolical Fullmoon Mysticism
Emperor - Wrath of the Tyrant

1993
Burzum - Det Som En Gang Var
Darkthrone - Under a Funeral Moon
Immortal - Pure Holocaust
Beherit - Drawing Down the Moon
Gorgoroth - Pentagram

1994
Burzum - Hvis Lyset Tar Oss
Darkthrone - Transilvanian Hunger
Emperor - In the Nightside Eclipse
Enslaved - Vikinglr Veldi
Gorgoroth - Pentagram
Graveland - Carpathian Wolves
Dissection - The Somberlain

1995
Summoning - Minas Morgul
Sacramentum - Far Away From the Sun
Graveland - Thousand Swords

1996
Burzum - Filosofem
Gorgoroth - Antichrist
Graveland - The Celtic Winter

1997
Summoning - Dol Guldur

what I gather from this deliberately incomplete outline is that black metal peaked in 1994, and had more quality releases in '92/'93 than in later years but still held out for a few years.
the music inspired events and events inspired the music. art is greater than the historical narrative, however, and after the events came to an end the music became fully autonomous and self-conscious for the space of roughly a year ('94). this was probably, like the introduction of writing and subsequent recording of tales by heroic pagan societies, fatal to the tradition. shit happens.
also, in terms of both artistic merit and listening priority i've determined (in order)...

essential:
 - Burzum, Darkthrone, Immortal (creators)
 - Beherit, Emperor, Enslaved, Gorgoroth (innovators)
 - Graveland, Summoning (invigorators)

supplementary:
Gehenna, Dissection, Ildjarn
Sacramentum, Havohej, Mayhem
 + too many to others to mention here

[aquarius]

I found Fenriz's black metal timeline on the double DVD version of Until the light takes us quite interesting, but a bit too sentimental/aesthetic as oppose to quality based (like this). He understands the first wave pretty well but looses it when discussing the second wave. Even putting Satyricon down as one of the founding second wave bands of the Norwegian scene, anything after that is described as MYRIADS. He gives the impression of being stuck in a generation rather than praising and searching for art that transcends time. Also I wonder if he's even heard stuff like Ildjarn, Beherit or Graveland.

[Cargést]

He's definitely heard those bands.  Whether he listens to them is another question entirely.  He probably won't like Ildjarn because it's boring kids' stuff like the Darkthrone trilogy (troll).