This song is not only about Eminem's relationship with Kim, but about bad and abusive relationships in general. Better yet, the ups and downs of relationships in general.

First let's look at the choice in a featured singer. Rhianna. Now, don't get me wrong Rhianna is a fantastic singer and he could have chosen her based on just her voice, but why for this song? Everybody knows about Rhianna's abusive relationship with Chris Brown and Eminem and Rhianna are playing off of that.

Now, the chorus in the song: "Just gonna stand there and watch me burn? Well that's alright because I like the way it hurts. Just gonna stand there and hear me cry? Well that's alright because I love the way you lie."

This shows the forgiveness that comes with love. How love blinds us, if you will. She's making excuses for the way her partner treats her. It's as if to say "Whatever you do, I'm still going to be here, and it's not your fault. I love everything you do, even if it's wrong"

In the first verse Em shows an argument between two people, and how she stays even though she wants to leave.
"Where you goin?
I'm leaving you.
No you ain't, come back"

"We're running right back here we go again its so insane cause when it's goin good its goin great but when it's bad it's awful."

This is eminem stating the ups and downs of relationships.
Then, he talks of sinking so low as to lay hands on her:
"I snap, who's that dude? I don't even know his name. I laid hands on her, I'll never stoop so low again. I guess I just don't know my own strength."

Not only does he lay hands on her, but he makes an excuse for it.

In the second verse,

"You ever love somebody so much you can barely breathe when you're with them? You meet and neither one of you even know what hit them? Got that warm fuzzy feeling, yeah them chills, used to get them. Now you're getting f****ing sick of looking at them? You swore you'd never hit them never do nothing to hurt 'em, now you're in each other's face spewing venom in your words when you spit 'em. You push, pull each other's hair, scratch, clawed and bit 'em, pin 'em down, so lost in the moments when you're in them"

This shows the initial downfall of a relationship. It shows how great it starts off and how it changes so quickly. How you break promises that you said you swore not only to them, but to yourself, that you'd never do.

"sound like broken records playing over but you promised her, next time you'll show restraint. You don't get another chance, life is no nintendo game, but you lied again. Now you get to watch her leave out the window, guess that's why they call it window pane."

This is the initial crawl back. After the relationship is broken off, the person who caused it is upset and wants another chance.

Now in the final verse:
"Baby please come back, it wasn't you baby it was me, maybe our relationship isn't as crazy as it seems. Maybe that's what happens when a tornado meets a volcano, all I know is I love you too much to walk away now. Come inside pick up your bags off the sidewalk. Don't you here sincerity in my voice when I talk? Told you this is my fault look me in the eyeball. Next time I'm pissed I'll aim my fists at the drywall. Next time, there won't be no next time. I apologize even though I know its lies. "

This is him begging for her back. He says everything she wants to hear, but knows he's lying. because immediately after this it shows that nothing will change.

"I'm tired of the games I just want her back. I know I'm a liar. If she ever tries to f***ing leave again, I'm gonna tie her to the bed and set this house on fire."

This also plays off the chorus "watch me burn" ties back to him saying he'll set the house on fire.