Open the Floodgates Lyrics
Get to the chorus
Open the floodgates
Without the bullshit
And no heartache
Hold on
No suffering
And no one gets hurt
We absolve you
Open the floodgates
Hold on

this is not oficially a Radiohead song YET. But i guess it will be soon. This is my favourite NEW unreleased song 'til now...
I think it's Thom's criticism to fan demand on songs. And the "and no heartache/no pain/no suffering/and no one gets hurt" can be because radiohead is known for having depressing songs and people demand of not wanting that anymore because they can't tolerate it... maybe. the "we absorb you" is pretty clear.

http://www.youtube.com/watch?v=JiPTuartURE
Thom Yorke at the Echoplex, Los Angeles, October 2, 2009
This song is very likely to appear on the eighth Radiohead album in 2010.

I think it's "absolve" twice.

^^^ I agree with aisfle's take.
The lyrics appear to be addressing the band's detractors, and/or us - the music-consuming public - especially those who can only deal with songs full of catchy hooks or sugar-sweet ballads ("don't bore us / get to the chorus"... "and no heartache") and those who decry musical experimentation as self-indulgent waffle ("we want the good bits / without the bullshit")
YOU decide whether it's a clever dig/cheap shot/mere coincidence that the combo of simple piano melody + Thom's vocal inflection on this song seems to mimic the sound of another successful British band (?)
Yeah, yeah - before all you Coldplay haters get on your high-horses - I DO realise Mr Martin and Co. 'borrowed' Radiohead's sound FIRST. Methinks 'Open the Floodgates' may just be an ironic form of payback ;)