This is probably, for me, the most meaningful of all the Mew songs.
In my opinion, it's about someone that they don't really know, yet they see a lot of themselves in the other person. They see their own flaws in the other person, yet they are so caught up and intrigued that they see through all of their bad points ("But ironically, you will always be belle of the ball, at least to me"), and they are deluded, and try to convince themselves that the other person is perfect.
This is probably, for me, the most meaningful of all the Mew songs. In my opinion, it's about someone that they don't really know, yet they see a lot of themselves in the other person. They see their own flaws in the other person, yet they are so caught up and intrigued that they see through all of their bad points ("But ironically, you will always be belle of the ball, at least to me"), and they are deluded, and try to convince themselves that the other person is perfect.