this song for me is full of surrendering. feeling everything and nothing at the same time. there are only feelings in the moment. no anger, no hate, only wonder and in some way love.
I've always got the impression its trying to sum up anticipation and acceptance of something that is about to happen to everyone collectively - never tried to describe it before but its sounds like he's smiling at something inevitable.
The bit where it reaches its climax at the end of the guitar's solo and then the drums pick up again is one of the finest moments in the whole of The Cure catalogue (and in general). I would almost say auditory orgasm.