Considering when this song was written, it seems to be primarily about Duritz's yearning for some degree of recognition in his early years as a struggling songwriter. However, this being the only released version of the song, some of the lyrics have changed, and it's about the irony of the original song, which he is beginning to realise as an older, wiser, famous songwriter. So, he acheived all that he was yearning for in the original song, but it turned out to be a sour version of what he had dreamed about. Duritz illustrates the same point with more elegance in Mr Jones, but this is still a clever and rather bitter performance.
Considering when this song was written, it seems to be primarily about Duritz's yearning for some degree of recognition in his early years as a struggling songwriter. However, this being the only released version of the song, some of the lyrics have changed, and it's about the irony of the original song, which he is beginning to realise as an older, wiser, famous songwriter. So, he acheived all that he was yearning for in the original song, but it turned out to be a sour version of what he had dreamed about. Duritz illustrates the same point with more elegance in Mr Jones, but this is still a clever and rather bitter performance.