We know that Thom had abandoned 'conventional' lyric writing for these sessions, instead using spur of the moment notebook scribblings or even sliced up bits from other songs. Knives Out's lyrics though almost seem like placeholders. To my ears, they convey nothing and the complete lack of any interesting melody, coupled with the thoroughly whiney delivery kill this otherwise very pretty, Smiths-esque guitar track. It may seem a little directionless, but perhaps that's the point.
For me, almost every Radiohead song has a distinct memory, a moment where it summed up everything, or it felt utterly perfect for that particularly day. My only memory of Knives Out, however, is moving into a new house and using my MP3 player to try and replace Knives Out with one of the b-sides. I dislike it that much, despite its massive fan following and cannot for the life of me see why it was chosen as single, where it deservedly bombed.