Lyric discussion by bunyipkitty 

I think it's about love, dreams, life and memory. I'm not entirely sure what it all means, but here's my go at explaining it. I'd love to hear everyone's comments/alternate theories.

It starts off with her remembering the night just passed; maybe she's making her way home from her lover's house. She's still feeling that warm fuzzy love feeling that she had the night before ("stepping through brilliant shades/Of the colour you bring.")

The chorus begins by commenting how reality both heightens and devalues things: "And everything and nothing is/As sacred as we want it to be/When it's real" and ends with deciding that it's better to live in reality, but being uncertain about what the yardstick for reality is ("Make it real/Compared to what?")

The second are third verses are describing how she feels with her lover: "If this is where memories are made/I'm gonna like what I see" and "It's like living in the middle of the ocean/With no future, no past" -> it's just them two, and everything else is blocked out. She realises that they're so caught up in each other that "everything that's good about now/Might just glide right past" but remembers how she feels when she's with him ("Stepping through brilliant shades/Of the colour you bring") and decides that although she could change it "this time is whatever I want it to mean," she doesn't want to: "this time is fine just as it is."

The song is just so evocative, emotive and sensuous, I love it!

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