After hearing this song, John Lennon said Elton John was “The first new thing that’s happened since we (The Beatles) happened.”  Lionel Ritchie said he wished that he had written this song. 

Elton and Bernie Taupin have been writing together since the late 1960’s.  Taupin wrote the lyrics and Elton wrote the music.  Taupin wrote the lyrics for this song when he was only 17 years old (this helps explain the unpretentious innocence of this classic).  Elton John has said that it had only taken 30 minutes to compose the entire song, and that he doesn’t think he has written a love song as good since.  I agree.

Here are the lyrics:

It's a little bit funny this feeling inside
I'm not one of those who can easily hide
I don't have much money but boy if I did
I'd buy a big house where we both could live
If I was a sculptor but then again no
Or a man who makes potions in a traveling show
Oh I know it's not much but it's the best I can do

My gift is my song
And this one's for you
And you can tell everybody this is your song
It may be quite simple but now that it's done
I hope you don't mind
I hope you don't mind
That I put down in words

How wonderful life is while you're in the world
I sat on the roof and kicked off the moss
Well a few of the verses well they've got me quite cross
But the sun's been quite kind

While I wrote this song
It's for people like you that
Keep it turned on
So excuse me forgetting

But these things I do
You see I've forgotten
If they're green or they're blue
Anyway the thing is what I really mean
Yours are the sweetest eyes I've ever seen
And you can tell everybody this is your song
It may be quite simple but

Now that it's done

I hope you don't mind
I hope you don't mind

That I put down in words
How wonderful life is while you're in the world
I hope you don't mind
I hope you don't mind
That I put down in words
How wonderful life is while you're in the world

The lyrics are simple and straight-forward.   I don’t think they need to be broken down line-by-line.  It is about a song-writer who has nothing to give but the words in his song.  I can’t imagine anyone not agreeing that this an amazing song.  Just reading the words should produce emotions.  Once Elton John’s music and voice are added, the world becomes a better
place.  I understand that is a bit sappy, but I don’t care.  I’m older now and I appreciate these words as written (it is incredible that they were written by a 17 year old).  I don’t need an XBOX or an IPhone for my birthday.  If I really want those things I will get them myself.  What I can’t buy is someone’s recognition and appreciation of my life in their world. 
I’ve been lucky enough to be told I matter in someone’s life.  It is the best gift I can ever expect to receive.  For me, the greatest written and sung line in the history of music, is “How wonderful life is while you’re in the world.”  I never tire of hearing it.

Listening to Serj's voice can be an...interesting experience. But his music is SO MEANINGFUL and elaborate, that you hardly notice the unique-ness of his voice. The musicality and overall sound of his music is very enjoyable. Check out "Sky Is Over," it's awesome!

 The Lyrics of "Sky Is Over"*:

 Everybody knows,
Everybody knows,
That you cradle the sun,
(Suffer life again),
Living in remorse,
Sky is over, 

Don't you want to hold me baby,
Disappointed, going crazy, 
Even though we can't afford
The sky is over,
Even though we can't afford
The sky is over,
I don't want to see you go,
The sky is over
Even though we can't afford
The sky is over, 

Behind closed eyes lie
The minds ready to awaken you,
Are you at war with land
And all of it's creatures,
Your not-so-gentle persuasion
Has been known to wreck economies
Of countries, of empires, the sky is over, 

Don't you want to hold me baby,
Disappointed, going crazy, 

Not even from the sun,
Not even from the sun
Not even from the sun,
Don't you want me to run, 

Even though you can't afford
The sky is over,
Even though we can't afford
The sky is over,
I don't want to see you go,
The sky is over
Even though we can't afford
The sky is over,
I don't want to see you go,
The sky is over
Even though we can't afford
The sky is over,
I don't want to see you go, 
The sky is over
Even though we can't afford
The sky is over,

The sky is over us.
 
The Meaning of "Sky Is Over":

 "This song is about how we've lost sight of what is really important to our survival and all of the planet.

"Our destructive nature has ravaged the very air we breathe, the very sky we depend upon, and yet we believe that it's for the good of a country, a temporary collection of primates. It's a cry to ask, why? Why must we wage war on this planet that has given us life? Why must we put our faith in the artificial monetary system that is like a vampire on our mother earth? Serj understands very well that much of the man-made world is self-destructive and insane."

 -SongMeanings

 I thought this was a really good way of saying it, so I left it as is instead of interpreting the song myself.

*Lyrics courtesy of LyricsMode