I've always wanted to believe that "The Enchanted Way" was a reference to the street that runs along Grand Canal between Leeson and Baggot St. bridges, where Kavanaugh's statute is found...anyone who has spent time there knows just how enchanted it is, especially in the fall. Many lovers young and old stroll along the Canal there.

There are definite resonances with traditional themes in Irish love lyrics in this poem. But someone's reference to angels being one of them struck me as rather odd. Angels aren't all that common in the folklore, at least not the older stuff.

Common to many Irish love lyrics is the theme of poor country boy in love with daughter of wealth and status (often from the town or city). I see this song as an attempt by Kavanaugh to write a traditional Irish love song, which explains a lot about the "mysteries" some people see in the words. Some of it is about rhyme and meter, some of it is fairly stock phrasing from the tradition, to be sure.

As to the ending, I've always thought it was reference to the dangers of putting one's beloved on a pedastal, and of being enamoured of the illusion of romantic love, rather than actually loving the real human being.