I fell in love with this song the first time I heard it. At first the lyrics reminded me of Bella in New Moon but it still didn't feel right and the song is so full of emotion that it deserved to be done with something special not just another depressing New Moon vid. So I put it in the back of my head for later. And then I saw the latest Breaking Dawn trailer and I can't even describe how much I love it. I was crying when I was watching it, I remembered the song and suddenly I understood the lyrics from totally different perspective - Edward's perspective in Breaking Dawn.
He's devasted because of what happened to Bella. He's loosing her, she's dying in front of him and because of him. Although the line 'This will make you love again' was kinda tricky to make it work with my idea. But I've come with this explanation - Edward is in such a pain, the happy memories of them (as in strophe 2) makes him feel love again not only pain...and the last strophe is about saving his love aka the birth scene. The whole vid more or less takes place when Bella is giving birth and he's fighting to save her and waits and remembers...