I used to think that the lyric was "I know we're DIVING and there's no sign of a parachute," as in "we're jumping into something headfirst and there's nothing to slow us down." But the real lyrics are still good :P
Transcendent. Especially when the guitar kicks in with blistering feedback then the clipped drums and then release into gorgeous melody with Tori backing herself up going higher and higher and higher... Stunning. Stunning. Stunning.