I fall into the "decoy leak" camp, and even I'll say that this song is pretty damned entertaining. I love it because:

1) the "chorus" part where Maynard finally sings "Imagine yourself in my position... to be the one." It's stellar, and I'm shocked if someone weaned off of previous Tool albums wouldn't love that part.
2) The chatter at the beginning of the song is genius... listen to the rythm of it... its all nonsense in free verse, but its totally on time with the beat of the song. I was really impressed in this sense.
3) It was made to be "3rd Eye, part 2" yet was not actually named "Third Eye, pt.2" In fact, the song quite literally has one of the exact same riffs from Third Eye on there. This is the "clincher" part of a joke leak, in my opinion.
- Oh yeah the part of the song near the end is "They'll know, oh no, they'll know, oh no"
being a double reference to the hoax and to the "in out in out in out" part of 3rd eye.
4) The lyrics are quite awesome, really. It tells a story about a guy that loses his mind. Awesome.