I love this song for all the reasons people dislike it. In my top 30 somewhere. I don't think it's too long.
In fact, I think the longness and repetition throughout the song is what makes it so good. It really sets the mood, and the repetition emphasizes this mood and atmosphere. The regrets section and the harmony section is mostly what I'm referring to. These sections are melancholic, but in a way that's almost uplifting.
The harmony section in particular is pretty intense, it's like you're drifitng in a sea of sorrow, regrets, and melancholy, and you're going deeper and deeper into the water as the song goes on. As you're listening you think "Woah, what have I been listening to for the last couple of minutes? This is intense." I think it's a powerful song in some ways.
Besides those few points, though, the guitar solo is one of JP's very best. Probably because it's one I can actually play
But it's really just beautiful. Great song on an ok album.