I think the obvious is there, the old flame and the lost innocence of youth. At almost 50 this song means so much more to me than it did when I first heard it as a kid (long before I knew the pain of failure). When I hear this song today the medaphores are much more powerful. I think of a life unfulfilled. I think of my life and all its failures. The medaphore in the last last line of the song when the snow turns to rain leaves me paralyzed.
When I read Hemmingway's "The Sun Also Rises" in college the last couple of lines of the book made me stay in bed for a week. This song does that to me as well but today I can't stay in bed. There far too much to do and hopefully I will find some happiness as I trudge through my day.