Lyric discussion by Possibly Sane 

Cover art for Waltz #2 lyrics by Elliott Smith

yeah, I think its about his mother too. Although, when he says "Here it is, the revenge to the tune "You're no good, You're no good, you're no good, you're no good" Can't you tell that it's well understood?" It always sounds to me like it's aimed at him [Elliott]. Just the way he says it.