This song/poem was written from the perspective of Jed The Humanoid, who is a character that appears earlier on the album. As the story goes, Jed wrote the song just before he died. He wrote it in his onboard language "Apple BASIC."

In this song, Jed talks about his alcohol addiction, how he wandered about after being found of no use, and let down by his friends (users). It deals with his struggle, finding places to sleep, his favorite singer, his better past, and how he gradually sank into a deep hole of alcohol abuse.
You can understand this song as about many people who fall into the same pit, as newer versions make them obsolete. >>