Despite the fact that this song has nothing to do with the other one (aside from the title), I must compare them: this blows the Figure 8 track out of the fucking water. It's incredible. Everything I love about Elliott Smith.
This is actually the original. It was recorded around the Either/Or time. Didn't go on the album. A totally different song was recorded for Figure 8 and took on the same name. The other version was re-recorded later and included on New Moon. I like the other version better because it's one of Elliott's most personal songs EVER.