Verse 1 - Bono declares that he was called to be in relationship with God in this life and the next. But as fallible human, he broke rhyme (his life didn't reflect his love for God). This leads to a black hart (sin, selfishness) and a blue hart (pain and disillusionment).
Chorus - However, the love of God displayed in Jesus restores the heart and provides the healing required.
Verse 2 - Bono sings that he has no choice but to praise God for his love and that he gets his inspiration from the Holy Spirit ("sing whatever song you wanted me to"). He gives his voice in service to God. The term "joyful noise" comes from Psalms 98 and 100.
Close of song - In the Rose Bowl DVD, Bono makes a bowing gesture towards the end of the song when he sings "Magnificent", and he also says "and we slip and we slide. Edge!", before a guitar theme. I think the slip and slide refer to falling back into old sinful life. But because of the justification received from Jesus, his song of worship is acceptable to the Magnificent.
Anton du Plessis johnny.nc.2011gmail.com (2nd of February 2014)