Lyric discussion by Voodemar 

Cover art for Wrong lyrics by Everything but the Girl

I think the lyrics is composed on two layers: verses (past) and chorus (present/future).

Verses: persona describes feelings towards life and relationships in general. It seems that (s)he wants to experience as much as possible, relationships are just a part of it, they seem quite artificial and can't last long.

And then (chorus), denies it "I was wrong" because has found... I don't know, someone could call it "true love"

I like your two layer idea. To me personally the verses are about a speciific relationship though. She is in a relationship that has lost some of the excitement ( "there we both were in that little house just hanging out" ). Bored, she tries another guy ( "I wanted to know what he was like" followed by a missing line of verse - a very meaningful four-beat pause) and loses the one she had. Now looking back she thinks maybe she was wrong to make that trade.