Maybe it's just me but I find the song a bit over the top in the touchy feely-department. I think it is too whiny.
I don't know you, so I don't know whether you've read the books, or how much. I find it spot-on in terms of reflecting Gollum's inner life. He sees himself as a victim, is very sorry for himself... and at the same time is a very sorry, sad, tragic figure. He thinks he's been betrayed when he hasn't been, but he has been betrayed and tortured, and was in fact betrayed by the Ring he so worships.
Art's a very individual thing, and it may not be your cup of tea. But it synchs with the book's Gollum, to me, hauntingly.
Dan