If you ask me, this song is about someone dying and the song is written for their friends. I mean, it's so obvious, the first time I heard it, I was certain that's what it was about and it nearly made me cry! "So dear friends, your love has gone only tears to dwell upon." I mean that line, the opening alone is enough to give that impression. I think it's really sad, and kind of a tragic attempt of the deceased to communicate with their friends. Brilliant writing by Brian May and I loved Freddie's voice on this song.

Such a short song. So beautiful. I've always felt it was deaths release also. If this song doesn't put a lump in your throat you're already with Freddie. Say hi for me.

Either about someone dying, or a suicide note.

Sheer Depressing for Sheer Heart Attack

I had always considered this song to be about lost love and the pain of getting over it. But when I look at it from the death angle it takes on a whole new meaning.

This song feels almost like a lullaby or nursery rhyme.

Great song. Wonder what it would've sounded like if Brian had sung it. Nothing wrong with Freddie doing it of course.

Yeh...too depressing for suicide. Much rather like the lost love part myself.

I could listen to this on repeat all day...wouldn't get sick of it.

I fail to see any suicide references here. What about the part, 'Soon your hopes will rise and then/From all this gloom life can start anew/And there'll be no crying soon'? To me, it's a song about hope after a heartbreak.

The song is a forewarning of a death which may come, spoken as if the death has already happened.
It speaks to those left behind -- the family and friends. Possibly at the funeral.
The departed one gave his love and his time freely to his family and friends while he was alive, and maybe that love wasn't returned.
Now, that love has been taken away by death. They are very sorrowful, because they realize too late that more time could have been spent with the departed one, making memories and expressing their love for him. But instead, all they have left are tears to dwell upon.
The speaker, although he knows why the loved one has died (perhaps, suicide?) , dares not to say it in front of the grieving family and friends.
In the song "Liar" at the end, Freddie sings "so now you know you could be dead before they let you in..."
meaning that sometimes, people withhold love until tragedy strikes. Then, they are ready to give the love they withheld, only it is too late. A love is won (the deceased has finally won the love in the end. Although he craved to receive it while he was alive, he knew it would never be forthcoming unless he died).
Now the speaker is telling the family and friends, to "go to sleep and dream again".
The departed one will visit them in their dreams, so that they can finally speak the words and show the love they had before withheld. Only then, will all their sorrow and regret disappear. They can dry their tears and smile again.