Ah, time. It makes young punks (well, sorta) old but, hopefully, wiser.
I don't know about that, but I do know that the quiet assurance and mastery on display here is a thing to behold. The harmony Elvis adds on the word "harmony" is gorgeous and unexpected. And a Gibson Explorer acoustic? And the impossibly great James Burton on electric guitar? And Nick Lowe's totally awesome hair? How great is this?
Blues and country have long had great esteem for its elder statesmen, giving them major props for continuing and upholding the tradition, even when they were long past the point of breaking new ground or adding major new works. Rock didn't have that, not for a long time. For one thing, its earliest major figures either died or left the business or went to jail. (Yes, I'm oversimplifying.) It's really only been in the past 15 years that we've had rock and rollers grow up and get undeniably middle-aged or older and had some—most prominently Dylan and Springsteen—produce works commensurate with their years and if not as great as their very best work, at least able to stand alongside it proudly.
I can't help but notice that where it used to be assumed that this song was tongue-in-cheek and widely misinterpreted, these guys now appear to singing it absolutely straightforward. Was the common perception that it was commonly misperceived mistaken? Or has time, which Lowe once claimed wounds all heels, simply changed their outlook?