What is the meaning of the song "Tonight, Tonight" by the Smashing Pumpkins?

"And the embers never fade, in your city by the lake, The place where you were born..." this line is a nod to Billy Corgan's hometown Chicago, Illinois. Billy often writes about the youth, about love, death, and art. This song seems to be Billy's ode to his own youth, including losing one's virginity and other rebellious acts, which many fans were unanimous in believing, were referred to in this song. As a long time fan, I believe this song talks about the triumph of our youth and our lives in general, about that amazing feeling you get when you've unleashed your inner self and you had the freedom to do what you've always wanted to do.