I agree that the song is about missing a former love. And as HighOnSunday51 (great name and song, btw) said, it's about carrying or holding a torch for him, which means longing and loving someone who doesn't feel the same way about you. And "I never dreamed I'd lay down my torch for you like this" means that she never thought that she would stop longing for him and loving him. Like several songs on Flavors of Entanglement, this is probably about Ryan Reynolds.
I agree that the song is about missing a former love. And as HighOnSunday51 (great name and song, btw) said, it's about carrying or holding a torch for him, which means longing and loving someone who doesn't feel the same way about you. And "I never dreamed I'd lay down my torch for you like this" means that she never thought that she would stop longing for him and loving him. Like several songs on Flavors of Entanglement, this is probably about Ryan Reynolds.