I found a comment to this song on this site that sums up how I feel about it and that period of the John/Taupin collaboration as well:
Such a simple thing - to honor one's friends. This song touches me in a personal way that today still holds its effect on my life. I sang this 30 years ago with my now wife of 27 years. And, when I hear it today it still moves me. This comes out of a period of Elton John's music that exemplifies purity of thought in music. Elton and Bernie are the epitome of perfection in lyric and melody, and I am glad to have found this song so long ago.
For some reason this reminds me of Christ as he prepared to face the cross. He told his disciples that he no longer considered them servants. Instead:
"Henceforth I call you not servants; for the servant knoweth not what his lord doeth: but I have called you friends; for all things that I have heard of my Father I have made known unto you." — John 15:15