I'm a huge fan of good lyricists. My favorite is probably John K. Samson (of The Weakerthans), who tends to use more of a poetic story-telling mode to explain a feeling or describe some set of emotions that follow along with the story than actual songwriting technique. This kind of creates a border surrounding the story, letting the listener infer what has happened to cause this outcome. He's just great at defining what makes us human, I guess, and pointing it out in song.
The trick, I think, to writing a good song, lyric-wise, is about the same to writing a good song, music-wise, it just uses a different side of your brain, so to speak. When writing music, you want to pick notes and chords that will evoke emotions, just like how when you write lyrics, you want to use strong word choice that will accurately define what you want to say.
Similarly, a good song will repeat sections to add power; like when you hear the intro of a song and then it comes back in halfway through to act as a bridge: a good amount of repetition in the style and syntax can add power to the original line and compound it on later lines that feel similar to the first.
Most importantly is to just write it out the way that people THINK; there's no need to go out of your way to make it ABOUT something, if you're writing and it means something to you, then it should mean something to other people. You've just got to let your guard down and bare your soul for a minute, and other people will be able to identify with it, as well.
At least, that's how I see things, and that's what I go for when I write lyrics.
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