Lyric discussion by In the mist 

Cover art for The Baying of the Hounds lyrics by Opeth

mikael explained in an interview the meaning of this song. (and btw this is NOT a concept album, read what i said in the ghost of perdition thread)

this song is about how negative things can be positive for people. its about why people choose for "satan" (in the entire album except the grand conjuration the devil is not really the devil like in a religious way. its just a way of talking about the dark and bad side of life)

but back to the meaning. people often do negative things to get a positive result, for example doing drugs: you know its bad for you but it makes you feel better so you choose for a bad thing to make you feel good.

it are things people do all the time in their life. so being put simple this song is about how and why people devote themself to the bad things in life