Im pretty sure that this song is about a lucid dream or projection in which he encountered the skin of hell. He saw the world for what it really is with all its self indulgence and narccisism, he saw that she is vulnerable. This is supported by him saying, wide awake and keeping distance from my soul (possibly saying that he is staying awake from fear to dream, or that he is conscious in his dreams and keeping distance or projecting (spiritual reflection)... he goes on to say "I am frightened too, I am scared like you" This means that he too is scared by the skin of hell, but nothing can be done to your reflection because it is just that; a reflection. I think this song is for spiritual reassurance, and strengthening... he is telling you not to fear those bumps in the night, they are just reality fluctuations... manifestations of your subconscious mind...
So where do the references to "her" fit in with the concept of it being a lucid dream?
__________________ "A beauty impossible to endure
The blood imparted in little sips
The smell of you still on my hands
As I bring the cup up to my lips..." Nick Cave
l think "her" is about society period. We're all scared as hell. And we all hide behind what we can. Maynard just used a girl as the metaphor for us all.
__________________ l don't want to be alone again today...
Hold me close and together we'll pray
That this moment never fades away...
Fade away, fade away, like any other day.
Not the first time that I've heard someone mention that the female ("her") is a metaphor for something else...
__________________ "A beauty impossible to endure
The blood imparted in little sips
The smell of you still on my hands
As I bring the cup up to my lips..." Nick Cave
I would say that its more about a girl who is going through a rough time and has put up a wall to avoid showing feelings. Wide awake and keeping distance from all the pain. Sleep is something that is hard to handle when tired of life or the reality of having to face another day. The inside of herself is cold and ugly. The end suggests he is going through the same pain.
__________________ l don't want to be alone again today...
Hold me close and together we'll pray
That this moment never fades away...
Fade away, fade away, like any other day.