The song format is obviously very simple and is just the same chord progression repeated in three separate keys. Each of those three parts are lyrically very separate and are a step-by-step decline from the light to the dark, or the manic to the depressed.
The first part is simply a description of what I would think to be a perfect love. There’s the morning kiss, the death of pain and loneliness, the arrival at death’s door with a smile (walking around the void), blah blah blah. It’s sort of manicky over-the-top and extremely romanticized understanding of the situation, almost like something you would see in the movies. Everything is perfect in those moments.
The second part is practical and the closest thing to real life. There’s a sort of desperate pleading “I can do what you ask”, “I can be there” which is a product of dealing with the combination of love and depression. There’s also a sense of hope, that maybe things could actually work and this could actually happen, and ends on a nice line “your beauty blinds me and I’m surrounded”
The third part is just sadness and defeat. The opening line “Picture this broken boy, with dreams of things he can’t enjoy” more or less sums up the section. I’ve lost. It can’t happen, I can’t be there. It feels like a reckoning with reality but basically is just the depression talking.
The last line of the song is probably one of the best I’ve ever written and sort of lays the entire saga to rest, creating a sense of impartiality for the future and whatever happens. At least I felt true love once before my life was over, that’s better than a lot of people.