The song's lyrics detail John's coming to terms with getting older, and his admission that he has 'put one over' on his fans because he was unable to feel the music he was giving to them. An alternative interpretation implies John learning to deal with the stresses and rigors of living in fame without the use of drugs, as opposed to his earlier career.
Near the end of the music video, a door opens which reveals an implied orgy, white snow flying through the air, and a person in a rabbit suit (all a metaphor for cocaine use). John closes the door, and proceeds on to perform a song.
The video presents Justin Timberlake as a younger Elton John dressed in outfits typical of John in the 1970s, and Paul Reubens of Pee-Wee Herman fame as John Reid, John's manager of 25 years.