As to the meaning, the guy finds out this other person has or had feelings for them and they lament that they never really looked at the person in that way when it matter, that his "ray gun" was never on that person. That even if they considered it at the time his nerves or fear of rejection meant he wouldn't go after this person. Pretty much a song about missed opportunities in love.
My favourite song off his album.
As to the meaning, the guy finds out this other person has or had feelings for them and they lament that they never really looked at the person in that way when it matter, that his "ray gun" was never on that person. That even if they considered it at the time his nerves or fear of rejection meant he wouldn't go after this person. Pretty much a song about missed opportunities in love.