Lyric discussion by y2doggy 

Cover art for Age of Innocence lyrics by Smashing Pumpkins, The

After furth analyzation...I conclude that yes indeed this was Billy's feelings about himself, James Iha, D'arcy, and Jimmy Chamberlain.

"cause for the moment we are free we seek to bind our release too young to die, too rich to care too fucked to swear that i was there"

they are free from the Pumpkins. They were too young to die to end it. They made a crap load of money from the Pumpkins, so they may not be sad or care too too much that it's over. And the ride was so unbelievable, Billy insists it was an illusion. I think those lines right there summarize Billy's final feelings on the Smashing Pumpkins.