To me it could be a great song if they would work more on it, the lyrics and the verses melody are simply great. But the chorus is a bit childish (I mean the way they sing it, not the backing track).
As far as I know, the song was written by Brian, his writing way was more poetic. The rest of the suppositions are easy to figure out. It might would be the next song on the album after with My Baby Loves Me, and has the "Friddly Jam" guitar part, which seems that didn't work out on this song, but as they wanted to use it they put it on Hang On in There (a better choice).
Despite the added lyrics by Freddie, the song transmits a "natural" feeling, like if they were improvising around (most of The Miracle songs transmit this feeling), the vocal line probably done one take, the drums hadn't been replaced by a digital one, it wasn't attacked by the synthetizers, and the sound is very Queen. Is like it was written very fast, they had the basic music and lyrics, but they didn't know how to finish or continue it, or the idea didn't convince them.
Also, is a good piece as a rarity, but it doesn't has that catchy "something" that makes you want to hear it many times, like Affairs. Or it wasn't too commercial to fit into the album. To me, this is far as they reached with this song, the most finished demo that exists of it in the archives (I hope that I am wrong).
This is an excellent cover: http://www.youtube.com/watch?v=D8eNmqel9_8