Firstly, the personification of Trouble gives tremendous pathos. That an abstract concept gives him the attention that an unrequited love does not twists the knife for a second time.
The melody to "Just when everything seems like everything's evened out" is just sublime. The verses are mostly comprised of steps in the melody, but in contrast, the repetitive skips of a fourth in "Just when it seems like ev - ry - thing's even - ed out" adds a dimension that makes the song much much more gorgeous. (Skips of fourths are my favorite, can be painfully beautiful and catchy as hell depending on the kind of song you're writing.)
The song's bridge fully shifts the attention away from Trouble to being luckless in love.
Power of threes at work in "at your age/Go to Soho/Go to waste/in the wrong arms", working its magic. Whether you want to interpret it as self-ridicule or the words of others, real or imagined, the first two sarcastically quip on the unconventionality of his personal life, while the third is doubly sarcastic, flipping the other two on their head. Can be read as his retort or the same voice as the other three...the latter makes it much more bitter.
In this latter half of the song he also seems to comment on the controversy he's courted. He replaces that regal "Just when it seems like..." pre-hook (not sure if that would even be the correct term) with a couplet that's the song's shining glory of imagery: "Show me a barrel and I'll scrape it/Faced with the music, as always I'll face it..."
The entire song's built mainly on abstraction, with the bits about being embraced and Soho being the only image. The song's also built on wallowing in self-pity and misfortune. But at the song's climax he smacks you in the face with a shock of humility, admitting that he is at least partly to blame for his own sorrow, and then revealing that he is, if anything, brutally honest with himself (the 'face the music' line).
The next lines that form the anti-climax extrapolate on this twist in the mode of his self-reflection: the lines on being a dour Englishman can be read as either looking at his identity square in the face or mocking it, before he returns again to unrequited love ("midnight, I can't get you out of my head"), imitating the pattern of obsessive thought.
The repeated couplet that leads out the song is an odd way to end it, but hell I'll be honest, I'm not so talented a writer at this stage that I could say how he could have wrapped it up any differently than to repeat the "still running around" line from the bridge, varying it with the 'disenchanted taste" line.
Musically, the piano is reminiscent of "Let It Be" while the arrangement is reminiscent of late era Beatles in general.
Really really beautiful song and I'm sad I didn't know this song existed before today.