That's how I see it too. However, it doesn't have the smugness of a lot of drug songs and derives a lot of its charm from that.
Okthen has lost me this time too. I am afraid his comment went over my head. The corner of a street has always been recognised as a good meeting place, simply because it is easy to identify. I am not surprised that it turns up in songs by Richard Thompson, Rod Celments and was it Noel Gay who wrote "Leaning on a Lamp Post"?