This song can be interpreted both ways, both ticos_stick and crashed have very good interpretations of the song.

Either way you interpret it or even if you don't listen to the lyrics at all, the song is still amazing and beautiful. Seriously now, to me this is one of the their best songs ever, the melody is so beautiful and Jon's vocals are freaking perfect. I'm also a huge fan of the electronic vocals at the end, they make the ending of the song perfect.