I think this song is about letting yourself getting too involved in the world, about striving to be beautiful and popular and be coming a "king" or "queen" in your social structure. But really, there's no point in it, because this life is temporary, and eternal life is forever. Salvation has nothing to do with what's on the outside as it "lies within." We ought to worry more about how we stand with God than with each other, unfortunately, as the lyrics say, "we find ourselves so horribly weak" as in we all fall into wanting to be beautiful and popular and of high status. We all try to become a part of the world at some point, and when we fall, we jus thave to try and make it up to each other. We also need to pray for each other when we know that's goin on within someone near us.