I think that the song potentially could be one of Morrissey's best, if more care were taken in arranging and writing.
For example, Kristeen's introduction is fantastic, as is the accordion. However, Finn's production has made the whole thing seem thin and unimaginative - which is a far cry from the dramatic musical foundations of the actual song, which would have far suited Visconti's production skills for the heavy, dramatic kind of sound.
The chorus is my favourite part of the song, and to me sounds fundamentally like an old torch song, I could imagine Jacques Brel singing a version of this chorus! But yet again, the production skills let the song down here, with Finn's weedy production skills and total inability to RECORD AND MIX A DRUM KIT!
The bridge of the song is pretty awful - but could have been amazing with more time spent songwriting. If Morrissey and the gang had taken more time and put more effort into this song it could have been brilliant. But for now, it is sadly average.