This is my own interpretation, but what I think is that Taupin if this is fact written about him although it could be about John is about moving on with life. If this was written about John then it could be the transition of John's career. Elton was huge in the 70's and 80's and is now just a man that is considered one of the greatest singers of all time. He is no longer living the fast life that he once was. This could also be in reference to his cocaine addiction meaning he no longer does it. If it is in fact about Taupin himself it could be about the fact his career slowed down since him an John are not writing as much as they were. There might be deeper meaning to this but this is all I can come up with.
This is my own interpretation, but what I think is that Taupin if this is fact written about him although it could be about John is about moving on with life. If this was written about John then it could be the transition of John's career. Elton was huge in the 70's and 80's and is now just a man that is considered one of the greatest singers of all time. He is no longer living the fast life that he once was. This could also be in reference to his cocaine addiction meaning he no longer does it. If it is in fact about Taupin himself it could be about the fact his career slowed down since him an John are not writing as much as they were. There might be deeper meaning to this but this is all I can come up with.