I think NIWS is about a guy whose girl has left him. He thinks back on all the things about their relationship in the first verse: nights in white satin, letters he'd written, beauty he'd missed (in her), and ends with "just what the truth is I can't say anymore" in other words he's all mixed up. Second verse is self-explanatory.

But even though he's all mixed up, and nostalgic and sad, nonetheless he still loves her.

Clear as mud.