For me, he's talking about a relationship with this girl who he's too afraid to let himself love -
"And this old map says that love is where we're going"... he knows that he's falling, or is supposed to be falling in love with her. "But my tattered memories tell me i should be going now" - a past experience may have affected him in some way so he won't let himself. 'The wasted one' could therefore be referring to him, because he feels her love is wasted on him - or, it could be her... because he had a good thing going on and wasted it by not responding to her love. That's just my own interpretation of the song, but i'm not sure it's valid though. For instance, i don't see how 'we can justify a better way' fits in with my idea, unless he's telling her that they can still be friends even if he can't love her. That might fit in with 'you know i'm with you' aswell because it implies he does care for her. I can also relate... it's a great song.
For me, he's talking about a relationship with this girl who he's too afraid to let himself love - "And this old map says that love is where we're going"... he knows that he's falling, or is supposed to be falling in love with her. "But my tattered memories tell me i should be going now" - a past experience may have affected him in some way so he won't let himself. 'The wasted one' could therefore be referring to him, because he feels her love is wasted on him - or, it could be her... because he had a good thing going on and wasted it by not responding to her love. That's just my own interpretation of the song, but i'm not sure it's valid though. For instance, i don't see how 'we can justify a better way' fits in with my idea, unless he's telling her that they can still be friends even if he can't love her. That might fit in with 'you know i'm with you' aswell because it implies he does care for her. I can also relate... it's a great song.