This song is about appreciating your life. At the end the "leaping man" is someone who has given up on life and is ready to kill himself. Because it says "leaping man", "Falling falling falling falling down" and "The higher the leap, I said the harder the ground" I assume he is going to jump off of a bridge or a building or maybe it's just talking about taking a leap and not being able to go back. And the look yourself in the eye before you drown means you need to be sure you're going to go through with something and accept the consequences. Same with Your actions will follow you full circle round.
This song is about appreciating your life. At the end the "leaping man" is someone who has given up on life and is ready to kill himself. Because it says "leaping man", "Falling falling falling falling down" and "The higher the leap, I said the harder the ground" I assume he is going to jump off of a bridge or a building or maybe it's just talking about taking a leap and not being able to go back. And the look yourself in the eye before you drown means you need to be sure you're going to go through with something and accept the consequences. Same with Your actions will follow you full circle round.