Rolling Stone described the video as the "most homoerotic video ever" or something to that effect, even though it was (superficially, that is) about 2 men in love with the same woman. I was quite young at the time and had difficulty figuring out precisely was meant by "homoerotic." (I was embarrassed to ask anybody, since it was obvious enough from the context that it had something to do with gay sex.)">
IIRC this song is from 1988's <i>Introspective</i>. At the time, AIDS was just becoming widely known (the peculiar signs of extreme immunocompromise in gay men, Haitians, people with blood disorders like hemophilia, and IV drug uses had first been noted in 1981, the syndrome was named "AIDS" in '82, and the virus was identified and the name "HIV" coined for it in '86; the earliest known case was in 1959 in West Africa). So while, to the best of my knowledge, Neil and Chis never explicitly said that the song was about HIV/AIDS (gay men were still largely very closeted at the time), it seems likely.
"Watch them all fall down" sounds to me like a reference to watching friends die. It always makes me think of a string of several OD deaths in the crowd I went with at university.
Another interesting recollection (this one amusing rather than sad) pertaining to this song: <i>Rolling Stone</i> described the video as the "most homoerotic video ever" or something to that effect, even though it was (superficially, that is) about 2 men in love with the same woman. I was quite young at the time and had difficulty figuring out precisely was meant by "homoerotic." (I was embarrassed to ask anybody, since it was obvious enough from the context that it had something to do with gay sex.)