I think the song might be about the story of TT . In the begining they were amateurs, looking at other stars, emulating them ( New Kids On The Block and other bands, singing covers ) . Their songs mostry talked about Love . Meet you where the Lights are ( Concerts ) .
I wonder if the part of drowned eyes means the tears of the Fans that cry over them, its not something to die for, but its OK to cry, they cried too . ( One of the grop members talks about thinking of commiting suicide jumping into the Thames ) ( They row on the Thames on the Video on a boat named progress, but you already know that ) . Posters will still remain to be on the wall that night so the members will watch over the Fans while they sleep.
The verse in my opinion talks about the way they deal with the situation. Problems where there after more than 5 years of working. Dancing the Rain might mean dealing with all the conflicts since rain its often a way of talking about pain or difficulties ( Examples : Here Comes The Rain Again by Lenox or Raining Again by Moby ) . So it would mean that they were overwhelmed by all the people asking stuff from them ( tiny minds and eager hands )
Bleeding none leaving ( All uncomfortable but not leaving the band ) Whatch your mouth or you ll be dead and floating Home . ( Given the sack and forget it )... The seing not what we are... Is that they lost sight of what was important... Forgeting the Music and Ideals and becoming a package to be sold.
Progress now. Means that they are getting reunited in the same boat again . They are starting to get along as adults.
I think the song might be about the story of TT . In the begining they were amateurs, looking at other stars, emulating them ( New Kids On The Block and other bands, singing covers ) . Their songs mostry talked about Love . Meet you where the Lights are ( Concerts ) .