Lyric discussion by Oedipa_Maas 

Cover art for Waltz #1 lyrics by Elliott Smith

I've always vaguely suspected this song might be about his relationship with his father, more from the title than anything else. Since Waltz #2 is about his mother and step-father, I've always taken it's title as a reference to his and his mother's waltz (so to speak) with father/husband #2. So it stands to reason that Waltz #1 would be about "waltzing" with father #1. It sounds far-fetched when I put it like that, but the similar titles connect the two songs for me in more than just a structural 3/4 time sort of way (particularly suspicious is the placement of Waltz #1 after Waltz #2 on the album).

In any case, I agree that Waltz #1 is about a failed relationship, and that it's beautiful. God, this man's music breaks my heart.