I think the meaning here is plain for all to see, and I don't see how Greg could have stated it any more clearly. Look at all the pain and suffering in this world: if there is a so-called loving god, you have to ask it "Why?" Given the atrocities and losses we see, cope, and deal with every day, how could any of this be part of some loving god's plan?

Greg is saying in the lyrics to this song: If true, how can a supposedly loving god could create a world with so much evil in it? This supposed god has infinite power and infinite benevolence; how? How can you reconcile that with the nightly news?
The song's meaning is plain and direct. This life is the product of no so-called loving god. But we can deal with this, and we'll continue to try to improve ourselves in generations to come. More importantly, the only thing that we should really find scary is that there are people who believe that this world is evidence of a loving god. What else do they think is love? What else are they capable of?

I think that this song is about how people can blame/excuse events due to "God's divine plan." Then he goes on to says 'how could you believe in a god who takes lives of the devoted while sparing the non-believers?'
"My pain is gods love", there is no god and if he is then he is standing idly by watching his creation destroying itself, but excusing their behavior in their religion.

The fact of the matter is that there is no god besides the idea created by a society longing for one. This song therefore pleads for people to realize that all suffering caused by humanity is not the work of some fictional spirit, but that of our own delusional hope. It is very easy to blame the unknown for the good and bad news of the world, yet nothing can be learned from this path that was cleared for us to follow many centuries ago by those whose primary concern was power. Fear was their tool and it has been wielded by government ever since. Claiming that a god's will instigated some event that led perhaps to love, or maybe to hate, is really just apathy bolstered by ignorance.

Basically what Greg is saying is that whenever something bad happens, religious people will say "God works in mysterious ways", and seeing how God is allowing, he rather not get this 'love' that God is sending out.

None of these people are "blind" about anything. Religion is responsible for more death, war and tragedy than any other cause on the planet, way more than the AIDS epidemic. The only ones who are "blind", as the song tries to point out, are the ones who so firmly believe that their God is an ever-interfering omnipotent-benevolent being who can do no wrong.

I think this song goes for that kind of people who think that everything is God's love. I do think there's a God, because every single thing reminds it to me, but I think sometimes people are very blind with religion and stuff, that think God will do everything for them "And what I'm frightened of is that they call it God's love", and there's the problem; because God will not do everything for you, and if you just said, "It happened to me because God loves to makes me suffer" you should ask if you made something for change what you have right now.

The song talks about how people, particularly those who are faithful, rationalize all the suffering, depression, and grief they witness in the world, when in fact it is their own faith system that produces these feeling of suffering, etc. for them. The song poses the question of "if God is supposed to be benevolent and all-powerful, why are things so shitty here on earth?" It's seems illogical to believe that if there is such a God, that he would not act for our benefit and alleviate all our troubles. The line "We can change our minds - there?s a better prize" infers that mankind should stop placing their hopes in the hands of God and sit around waiting to go to Heaven when they die while the world around them crumbles and we should instead start working together as a society and work towards building a better world. God sure as hell isn't going to do it for us.

This song is about how hard is to figure out what God is doing with the mankind; it shows the atheist view of Graffin -if there's a God, how can he leave many people suffering these days? Why should we keep believing God if life on earth is so hard and full of pain?
Why can we keep calling what God did, does, is doing God's love if it causes us a lot of suffering??
This song is about how not understandable is the so called God's love.

In short, it's about the way people take god as an excuse for things they can't or don't want to explain. This is a common problem, and it's probably even the reason why mankind created the illusion of (a) god. (Yea, I'm assuming we're all atheists and that we all agree that we created god instead of the other way around).

Detailed interpretation:
The first verse from the song -to me- describes metaphors for the way this phenomenon has arisen, and the problems it caused.

"Tell me where is the love, In a careless creation? When there?s no above"
The careless creation is mankind, as the creation of god. And the question "where's the love when there's no above" can be double-interpreted:
1) if there's no above (no god etc.), what's left of "the love", since we can hardly find any love among the people here on earth.
2) Maybe I'm searching too deep here, but when you assume "God's love" is a metaphor for all the suffering in the world (last part of the chorus), the question could be: "What causes all suffering when there's no above?". In other words: don't blame the suffering on god (or use it as an excuse), it's our own fault. (A sentence from "At The Mercy Of Imbeciles" come to mind: "NO Actions is no gift from some masked spirit in the sky, It's reducible to flesh, mind, and bone").