Lyric discussion by Bluejay Fusion 

Cover art for Incense and Peppermints lyrics by Strawberry Alarm Clock

It's about everyone getting along and not fighting about who's side or opinion is right. 'incense and peppermints, meaingless nouns' is an expression to drive home the point that arguing is pointless. other lines like 'take a look at yourself' 'beatniks and politics, nothing is new' 'one point of few' 'occassions persuasions clutter your mind' etc. seem to support this.