These lyrics sound better to my ears:

You were beyond comprehension tonight
But I understood
I understood
If only I could
Hold time
Hold time
Hold time

Words have failed me tonight, failed me tonight
But you knew what I meant
You knew what I meant
Yeah you heard what I said
The whole time
The whole time
Whole time

And I wrote this song about it
Cuz I didn't care about any worthless photograph
Yeah I wrote this song just to remember
The endless endless summer in your laugh
Endless summer in your laugh

hmm, interesting. I think the "anyone in this photograph" is right, but I think you're right with laugh part, it rhymes better anyway. He always pronounces things weird though, so you never know

I stand corrected, definitely is "worthless photograph" thanks to an NPR recording. This song grows on me everytime I hear it

Heard this song for the first time today on WWUH (Univ. of Hartford's station). It was an ambience show. Oh man! I was such in a trance as this song came on! Wow. Such a dreamy tune! Love the lyrics.

I just think it's about a guy just singing about the best feeling in the world: having no need for words!