Having the bass led to a greater sense of structure. I could let it and the rhythm guitar carry the song, dropping in brief splashes (with me, the briefer the better) of lead/tonally distinct guitar.
This song is somewhat schizophrenic (apologies to any whackos out there), maybe because it was pieced together from three others. In fact, it was originally called "Oh, Shut Up!" (that phrase survived, in the chorus). Musically I think it works quite well.
As far as the lyrics go, it was from the school of: "Hey, these two words sort of rhyme! In they go!"
However, I should note among them these couplets:
Imagine you had back/All the time you've wasted
Imagine you had back/Half of what you've tasted
which might not be the profoundest of observations; but in light of recent events, I find them very poignant.