The song was actually reportedly inspired by the film "Roman Holiday", but the band felt "Breakfast at Tiffany's" would do better in a song. They were likely correct, this is a very catchy song, relying heavily on the chorus, with a nifty little bit of guitar strumming interspersed. The song reached number five on the Billboard chart, hitting number one in the UK.
The unexpected hit brought unexpected attention; as can be imagined, copyright issues arose from the song's title. An indie band doesn't think about such things, but a major label does. Delays, and lack of any real follow-up would eventually lead to the band's end.
The single aside, the rest of the band's work is relatively uninspired. The two b-sides here are passable album tracks at best; nothing worth making a playlist, nothing that warrants revisiting. If you're getting this single, you're really getting it only for the single. And it's a good, fun one, definitely worth it; don't feel bad for skipping the rest.