[link to original on tumblr]
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The third verse is a line shorter than the other verses. They're all four lines, but the third verse has only three:
And our friends are all aboardOf course, in lieu of that missing line, there's the brass band playing.
Many more of them live next door
And the band begins to play
"As we live a life of ease / Every one of us has all we need" could be taken in two different ways. It could be "Because we live a life of ease…" or "While we live a life of ease…". It could be causal or temporal.
I think I noticed this one other time, but I certainly haven't written about it: the last lines in the last verse form a progression of colors: "Sky of blue and sea of green / In our yellow submarine." Blue to green to yellow.