Lyric discussion by aestheticgirl 

Cover art for Kodachrome Ghosts lyrics by James Dean Bradfield

I don't think James wrote this lyric, I'm sure it was written by John Niven, author of the fantastic Kill Your Friends and who co-wrote Emigre and Still A Long Way to Go. I agree that it's about some one leaving/dying and finding photos some years later that evoke memories, some good, some bad.