Lyric discussion by narrowstairs 

Cover art for Title Track lyrics by Death Cab for Cutie

Not about a one stand IMO, but about Gibbard running into an old ex he never really got over, the same one that the rest of the album, specifically Company Calls (Epilogue) is about. It's called "Title Track" because it sets the scene for the rest of the record.

It describes and awkward and shallow conversation with an ex at an event, possibly the wedding described in the Company Calls tracks. They talk about their old friend group that splintered off after they broke up. The "advantage" he describes is the imbalance of him loving her more than she loves him back, as he ultimately is reliant on her more than the opposite.

I always interpreted the "and I could taste your lipstick through the filter" lyric as the speaker still deluding himself that she is still interested in him despite her best attempts to be entirely benign and "filtered" in talking to him. He picks up on a sort of romance and intimacy in her filtered speech with him.

"I tried my best to keep my distance from your dress but call response overturns convictions every time" seems to be referring to him intellectually knowing he does not have a chance to be with her, but his heart taking over and ultimately staying in love with her.

Towards the end of the song, he spirals and continues to fall deeper in love with her, ("my best judgement signed it's resignation") while simultaneously reflecting on the failure of his relationship and losing his chance.

I think the "tripped into the guest room" doesn't describe hooking up, but more so him being relegated to a "guest" in her life instead of something more intimate.

Sad song, and definitely about something more intimate and heartbroken than a one night stand.

My Interpretation