I think this song is referring to the end of a relationship that he does not want to leave. He wanted to stay and was willing to give himself to the other person ("if you go, then I'll go to"). He realizes the other person is too messed up ("now I see your heart, it's tattered and frayed"), and he can't stay, even though it's what he wants ("I'll wait by the ocean"... "This story is over now, I'll see that soon.") BUT, he also has hope for the future, or maybe the relationship? (the stars are out)
I think this song is referring to the end of a relationship that he does not want to leave. He wanted to stay and was willing to give himself to the other person ("if you go, then I'll go to"). He realizes the other person is too messed up ("now I see your heart, it's tattered and frayed"), and he can't stay, even though it's what he wants ("I'll wait by the ocean"... "This story is over now, I'll see that soon.") BUT, he also has hope for the future, or maybe the relationship? (the stars are out)