What a phenomenal instrumental line shared by the guitar and piano to open this song.
There's not really a chorus, more like A and B sections of what seems like a single stream-of-consciousness verse, another sequence full of the accomplished chord changes and melody lines of Elliott Smith at his very best. The backing vocals are excellent icing.
There is a completely unique melody line to close the song, and this again is extravagant in its lengthy, ambitious composition. What pure excellence.