I think it's one of Joe's best songs - I adore it! I am absolutely thrilled they've added it back.
I think it's about growing up, and realizing some hard truths about life as well as letting go of some of the illusions and dreams one had when younger. We see this emphasized in the title, which refers to a line from a
children's rhyme called "Mary, Mary, Quite Contrary". Joe lists it among the things that are lost to him now: "The storybook comes to a close; gone are the ribbons and bows, things to remember, places to go, pretty maids all in a row." The vestiges of innocence have fallen away, and anyone who still clings to such dreams is a "wishing-well fool."