Board Thread:BlazBlue: Chronophantasma/@comment-3502824-20131103022604/@comment-46.186.62.190-20140617051524

As to answer specifically what she "desires", well if we were to take into account Nu's arcade ending in the CT, where Rachel, after entering and witnessing Nu's dream (which she calls a manifestation of Nu's desires), says more less:

"...playing with free-spirited cat and taking a walk under the clear blue/azure sky."

This can be interpreted as being free and playing with friends... interestingly enough, those are exactly the things that were granted to Noel herself (friends like Tsubaki, Makato etc. and being freed from Hazama's/Terumi's control by Ragna).