Roxy Music lyrics are always so sophisticated, you'd probably have to analyze each line, keeping each analyzation within your all encompassing interpretation. All I'm going to do is the all encompassing one. It seems to be looking back on the past (possibly past love) at a time when fears about the future would torment, and realizing all things settle and life goes on. There is however still some lingering desire, though the worry/heartbreak has subsided, for things to have been different. My interpretation seems close to how I feel about someone, though, so maybe I'm just throwing my own experience in. That's what I love about lyrics like this; there's definitely something the lyricicist successfuly conveys, but it's cryptic enough for it to relate to people on many different levels.