Lyric discussion by with lips she said 

i read somewhere (an online interview with ted leo, i believe) that this song is about a band he had idolized even while he was growing up, and when he saw them in concert they put on a terrible show.

but i think one of the many great things about this song is the ambiguity of its meaning; it means what you want it to.

and i love love love the way he writes for two guitars. ted leo is a genius.

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