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Apr 8th 2008!⃝It seems to me that the reincarnation thing is more of an allegory.
This is about a relationship that seems to yoyo back and forth, they break up and subsequently get back together over and over again, they still have chemistry but it doesn't make them any less tired of each other. It ends with them separated. Both parties seem apathetic and unimpressed as it progresses, despite the potential heartbreak they could feel from this up-and-down relationship, they simply accept that they're not the first to do it and they seem more to frown down on how painfully cliche they're being.
This song was written (according to Page) after he heard the song Brian Wilson on the radio and felt it was to wordy; he wanted to write something with "Woo Hoo Hoo" as its chorus.
It's a cute, fun song which seems to understand that most Barenaked Ladies songs are gimmicky (seeming, this is not to say that there isn't a much deeper meaning or genius characterization, people just tend to miss those parts) in and of themselves, many can say "It's all been done" about BNL themselves. I think it may be a small commentary on the band itself by the band or at least on how they are perceived.
