*****SPOILERS****
It was NOT a McGuffin. Quentin did discuss what he meant by the breifcase in an interview not long after the movie came out. I wish I could remember what interview or article it was, but I don't.
Basically, Lord Humungus, you got it exactly right. In fact, I thought you must have heard Tarantino talk about it when you mentioned the band-aid, because the reference is so obscure (at least to me). Good looking out by the way, like I said I never would have gotten that if I hadn't heard Tarantino explain it.
So here's the deal: The light in the briefcase is indeed the big man's soul. When they go to the club and there is a band-aid on the back of Marcellus' head this is a reference to a part in the bible where its mentioned that a person's soul is extracted through the back of the neck.
It seems Marcellus sold his soul to the devil, but decided against (or something) and sent Vincent and Jules to retrieve. Vincent and Jules don't get hit by any bullets at the end because they are saving a soul.
Jules sees this miracle as God's work, walks away from "the life" and, we assume, lives. Vincet does not and gets mowed down by Bruce Willis.
There's more little things but I just can't remember them. I'll post a link to the interview if I find it.
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