Lyric discussion by BreakOnThrough 

I believe the poem is about society/authority (cruel bindings) and the extrinsic negative hierarchical influences it places on us, which eventually leads to the eradication of our individuality. The negative influence that is created feeds on itself, making room for new "plants" to continue the never-ending cycle.

They are waiting to take us into the severed garden refers to the overwhelming influence society/authority has on us and, what occurs, the death/abolishment of independent thought/individualism. It's unwelcome and may seem unnatural at first, but makes us "normal" conformists, just like everyone else.

Although we are fooled to think that this life is far the best, we realize that the truth is the opposite. Conformity makes us angels in the eyes of society/authority, but its evil corruption eventually becomes evident.

Jim is saying that he will not conform, he prefers a feast with other nonconformists than to the "giant family" society/everyone else that has conformed and is no longer a free/independent, open-thinking individual.

@BreakOnThrough - Really love your interpretation here. After I have read this and listened to the poem a few times I can really see what he is saying about conformity. I don't get the choice of 'Royal Babies' and 'Ruby's' though. Any idea?

@Meandmymonkey2 - Thanks, I am basing my interpretation on the fact that these were written/recorded around the time he arrested for indecent exposure, and he essentially was questioning artistic expression and individual conformity to authority at that time. He also paraded the notion of "be your own man" throughout his career.

@BreakOnThrough - Hey thanks so much. I totally get it now. Who wouldnt want Roses in their garden, Royal babies and Rubies, rather than Strangers in the mud obedient to a vegetable law. Amazing how it isn't apparent at first and everyone thinks this about death but it isn't.

An error occured.