My favorite thing about this song is that, while superficially silly, it works on a deeper level as an ode to the inscrutability that all women can possess. The hapless narrator is literally out of his depth, and is unable to fathom the mystery posed by the woman in whom he's "drowning". Yes, it's about taking the piss in response to Malcolm McLaren's management, and it's about a "submarine mission", but it's about so much more and it rucking focks... TURN IT UP TO ELEVEN!!!
I also want to put in a quick plug for Jon Savage's England's Dreaming, which is my all-time favorite book on music/pop-culture. I am not big on rock-star biography/hagiography, but this book transcends the genre, and offers a fascinating glimpse of mid-to-late seventies culture, in the U.K., and further afield. It also has an indispensible discography.