(1 of 2)
This song, along with Coldplay's The Scientist & God Put A Smile On Your Face, Neil Finn's 'Sinner', The Verve's Bitter Sweet Symphony, Joan Osbornes's 'what if god was One Of Us' is the Imagine (John Lennon) of the late 1990's & the new millennium beyond. They are both spiritual & agnostic/atheist anthems in one.
To me the opening verse is spiritual. Heaven perhaps when we die? Some Big Brother government agency/higher force/alien entity watching/protecting over us? The second verse is Zeitgeist, the rat race pursuits of modern capitlistic society. Very existential & profound.
(2 of 2)
This is the grunt of the song - the chorus. What is wrong? What is right? Does black & white exist? Or is it all one big muddle of shades of many grey. We all want to live forverver, longer, better & healthier but mortality beckons eventually. '...The circle only has one side...' This is the science/mathermatics of the song...as opposed to optimistic 'believing' opening verse.
The final verse is a metaphor/extension of the themes posed in the previous two. It's stating/summarising it too. The best way I can explain it is a comparison to Neil Finn's/Crowded House's 'Driving Me Mad': '...say what lies between us? a host of everyday distractions. most of all it's MUSIC taking me...' Opening up the chord is one the most primitive/caveman human instincts, a reference to the healing powers of music & how it can cross all boundaries & unite the human race.