This song has a simple, yet powerful message. The original song is both haunting and thought-provoking, as Justin Vernon's vocals slowly tell the story of two lover's crossed paths.
The simple act of meeting suddenly at a blood bank is unfolded as the song goes on. There is a sort of bond and realization formed through the simple act of their bags touching. The lovers realize they're not so different, as each bag is virtually no different than the rest, but contains the unique blood that courses through them.
This story unfolds, showing how the lovers' relationship deepened. The chorus repeats throughout, "I know it well;" they each began to learn the ebb and flow of the other.
The line that I find most beautiful is "I'm in love with your honor." He is not just in love with her, but he is in love with keeping her honor in tact; keeping her. This line is incredibly powerful.
I hope you enjoy this cover, and find some commonalities in it.