I always thought it was a reference to the punk movement. Leather, lace and chains. The song always seemed very intense, angry and sarcastic to be about anyone general--this is a "generation without name." I think Bono is singing about his own generation. They're making alot of noise and making a "statement" with their clothes, but what are they really about?
I always took "revolution" to be a sarcastic comment on youth running around concerts and the streets, bragging about revolution and social change but not really *doing* anything:
"I can see through this expression
And you know I don't believe."
"And if you can't help yourself
Well take a look around you
When others need your time
You say it's time to go...it's your time"
Sort of like Bono is saying "Oh look, *another* revolution. And what's this one about? Why don't you actually put your money where your mouth is and really help out?"
I've also wondered if it was also a commentary on Ireland's troubles--this is the same album with "Sunday Bloody Sunday" after all:
"And we love to wear a badge, a uniform
And we love to fly a flag
But I won't...let others live in hell
As we divide against each other
And we fight amongst ourselves
Too set in our ways to try to rearrange
Too right to be wrong, in this rebel song"
and
"Angry words won't stop the fight
Two wrongs won't make it right"
That's my take on the song, anyway.