This piece is my all-time favorite David Gray piece. It's strictly instrumental with just a couple of guitars. There is a recurring theme and you'd be surprised how similarly to a fugue it's laid out. Lots of imitative counterpoint and a recurring motive. With the recurring La-la-ti-do theme it often tonicizes the VI and has lots of deceptive motion. For a song by a "pop" artist it really is great. This song always makes me want to just chill out or fall asleep. It's always good for calming me down and helping me focus. That David Gray is a genius. :-) I highly recommend this song.
P.S.- It appears a few times in the movie Serendipity, if you are a fan of girly movies.