There's a popular saying that goes, "Those who don't know history are doomed to repeat it." The corollary when dealing with prophesy in the Bible is that those who don't know history are doomed to misinterpret Biblical prophecy that has long since been already fulfilled.
Before we look at what Revelation says about Armageddon, let's look at another passage that is often closely tied to the same discussion: Matthew 24.
The chapter begins in Jerusalem as Jesus is coming out of the Temple. The disciples are impressed with the Temple buildings, recently refurbished and expanded, and point them out to Jesus. He responds:
“You see all these, do you not? Truly I tell you, not one stone will be left here upon another; all will be thrown down.
The scene then shifts a short distance east of Jerusalem to the Mount of Olives:
When he was sitting on the Mount of Olives, the disciples came to him privately, saying, “Tell us, when will this be, and what will be the sign of your coming and of the end of the age?” Jesus answered them, “Beware that no one leads you astray. For many will come in my name, saying, ‘I am the Messiah!’ and they will lead many astray. And you will hear of wars and rumors of wars; see that you are not
alarmed; for this must take place, but the end is not yet. For
nation will rise against nation, and kingdom against kingdom, and
there will be famines and earthquakes in various places: all this
is but the beginning of the birth pangs.
Now notice what Jesus says will happen next:
Then they will hand you over to be tortured and will put you to death, and you will be hated by all nations because of my name. Then many will fall away, and they will betray one another and hate one another. And many false prophets will arise and lead many astray. And because of the increase of lawlessness, the love of many will grow cold. But the one who endures to the end will be saved. And this good news of the kingdom will be proclaimed throughout the world, as a testimony to all the nations; and then the end will come.
You in verse 9 refers to the original disciples to whom Jesus is speaking.
The original disciples were persecuted and most of them executed by the end of the first century CE Jesus said this would occur after "wars and rumors of wars, etc." were already occurring.
Let's continue reading the next paragraph (vv. 15-28):
So when you see the desolating sacrilege standing in the holy place, as was spoken of by the prophet Daniel (let the reader understand), then those in Judea must flee to the mountains; the one on the housetop must not go down to take what is in the house; the one in the field must not turn back to get a coat. Woe to those who are pregnant and to those who are nursing infants in those days! Pray that your flight may not be in winter or on a sabbath. For at that time there will be great suffering, such as has not been from the beginning of the world until now, no, and never will be. And if those days had not been cut short, no one would be saved; but for the sake of the elect those days will be cut short. Then if anyone says to you, ‘Look! Here is the Messiah!’ or ‘There he is!’—do not believe it. For false messiahs and false prophets will appear and produce great signs and omens, to lead astray, if possible, even the elect. Take note, I have told you beforehand. So, if they say to you, ‘Look! He is in the wilderness,’ do not go out. If they say, ‘Look! He is in the inner rooms,’ do not believe it. For as the lightning comes from the east and flashes as far as the west, so will be the coming of the Son of Man. Wherever the corpse is, there the vultures will gather.
This prophecy was fulfilled in 70 CE when Legio X Fretensis the Tenth Roman Legion sacrificed pigs along with sheep and oxen to "purify" (according to Roman beliefs) the site of the Temple as it was being destroyed by the Romans. They would have also done this to commemorate their own dead who had died in the battle to take control of Jerusalem and in particular, those who had died in the fighting inside the Temple itself. Beyond that, the coat of arms the Tenth Legion was marching under during the destruction of Jerusalem was this:
The chapter continues with language that would have been familiar to the disciples from the apocalyptic literature of the Old Testament:
Immediately after the suffering of those days
the sun will be darkened,
and the moon will not give its light;
the stars will fall from heaven,
> and the powers of heaven will be shaken.
Then the sign of the Son of Man will appear in heaven, and then all the tribes of the earth will mourn, and they will see ‘the Son of Man coming on the clouds of heaven’ with power and great glory. And he will send out his angels with a loud trumpet call, and they will gather his elect from the four winds, from one end of heaven to the other.
Many interpret verses 29-31 to be about the end of time in our current generation's future. But there are several problems with that interpretation.
First, it ignores the obvious references to apocalyptic literature on the Old Testament with which the disciples would have been very familiar. All of these same symbols were used in the Old Testament to describe the destruction of Solomon's Temple by the Babylonians.
Second, it ignores the historical events that took place with the destruction of Solomon's Temple. The disciples knew that history, and would have understood that Jesus was saying that just as the first temple was destroyed by the Babylonians, the second Temple that they had just marveled at would also be destroyed.
Third, Jesus told them this destruction would happen during their lifetimes.
Continuing to the next paragraph:
From the fig tree learn its lesson: as soon as its branch becomes tender and puts forth its leaves, you know that summer is near. So also, when you see all these things, you know that he is near, at the very gates. Truly I tell you, this generation will not pass away until all these things have taken place (italics added). Heaven and earth will pass away, but my words will not pass away.
Jesus is talking to his disciples who were with him on the Mount of Olives when he said, "This generation will not pass away until all these things have taken place."
Those things, in fact, happened in 70 CE with the destruction of Jerusalem and the great diaspora. Jesus is offering hope that even though his people will be physically scattered, he will continue to gather the Kingdom of God to himself, not only from among the Jews living in Jerusalem, Judea, and Galilee, but also from among the people of the surrounding nations and lands.
He then clarifies further:
But about that day and hour no one knows, neither the angels of heaven, nor the Son, but only the Father. For as the days of Noah were, so will be the coming of the Son of Man. For as in those days before the flood they were eating and drinking, marrying and giving in marriage, until the day Noah entered the ark, and they knew nothing until the flood came and swept them all away, so too will be the coming of the Son of Man. Then two will be in the field; one will be taken and one will be left. Two women will be grinding meal together; one will be taken and one will be left. Keep awake therefore, for you do not know on what day your Lord is coming. But understand this: if the owner of the house had known in what part of the night the thief was coming, he would have stayed awake and would not have let his house be broken into. Therefore you also must be ready, for the Son of Man is coming at an unexpected hour.
Jesus' entire point about signs is clarified when he says it will be how it was in the days of Noah. He is saying these things have been happening since the very beginning and will continue to happen until the very end. They echo the warnings from the beginning of the discourse: "And you will hear of wars and rumors of wars; see that you are not alarmed; for this must take place, but the end is not yet. For nation will rise against nation, and kingdom against kingdom, and there will be famines and earthquakes in various places: all this is but the beginning of the birth pangs."
All of these things have been going on since the beginning of recorded human history. Eating and drinking. Marrying and giving in marriage. Workers in the field. Workers grinding meal. Wars and rumors of wars. Nations rising against nations, and kingdoms against kingdoms. Famines. Earthquakes.
The house is the temple. The owner of the house represents those who rejected Jesus. The Old Testament tells of how God's Spirit left the first Temple before its destruction (Ezek. 10:18-19), so that it was no longer the house of God but had become their house (echoed by Jesus in Matt. 23:38). Again, the owner was asleep and let the house be broken into.
Now let's look at Revelation 16 and the broader context of the entire Book of the Revelation of Jesus Christ.
Revelation is written in the apocalyptic literary genre. Much of the language is symbolic, just as the Old Testament apocalyptic writings were. Those who read Revelation and equate it to our contemporary events have done so because they don't know the history that was occurring right before the very eyes of the Church's first generation. Revelation is a testimony to the faithfulness of God to his people in the face of the intense persecution they were experiencing, both from the Jews and the Roman Empire. It's an assurance that the Lamb has already won the battle with death and the powers of this Earth who are powerless to stop the Kingdom of God.
The climatic event at the end of Revelation 16 is immediately preceded by the only place in the book of Revelation where the Greek word Harmagedōn (Ἁρμαγεδών) appears. [it was transliterated into English by the KJV translators as 'Armageddon' because they missed one little breath mark in the Koine word which was a transliteration of the Hebrew place name Har Megiddo ('הר מגידו).]
The event in question is the destruction of the temple in Jerusalem. It's the final judgement for those who rejected Christ as the Son of God. The veil was ripped open and the Holy of Holies was abandoned by the Spirit of God as Jesus gave up his last breath on the cross. With the Spirit of God no longer dwelling there, it was only a matter of time until it would be destroyed.
Babylon is the Roman Empire. We then see the judgement and destruction of Rome in the following chapters. Then we see the city of New Jerusalem, the spiritual Kingdom of God with the Church as the Bride of Christ, come to fruition.