The Blackout is the best this band has sounded at trying to meld their 90's experimental/dance sound, with their organic guitar sound.
Lyrically and vocally I think you guys are overthinking it. Bono sounds great, and they lyrics are relevant to how Bono feels about what's going on in his world (and ours) today. It's not One, more in the lines of Elevation, but with a little more meaning.
It's not going to set the world on fire, but it's a solid effort...and I'm looking forward to hearing the studio version...and the rest of the album...