The real beauty and emotional impact of this song lies in its not so hidden meaning. Because Billy cannot express his feelings outright, he sets up a hypothetical situation by saying "If I loved you" (and that is only an IF, because you know I really don't) and then proceeds to eloquently tell his love how he really feels, shielded by the thinly veiled fact that he really does love her, but can't say he does. Haven't we all been there?
The lyric: "...longing to tell you, but afraid and shy, I'd let my golden chances pass me by", is telling, but perhaps the most revealing is the closing lyric "Soon you'd leave me. Off you would go in the mist of day, never, never to know. How I loved you, IF I loved you". Billy expresses what he believes will be the outcome of the relationship, knowing he is incapable of expressing his feelings. It is a well written, beautiful song that (if sung well) can bring the audience to tears.
"Always smile at your enemies. It will keep them on their toes"