Originally Posted by KEROUAC
I think YOU in the second line is referring to the listener. But YOU in the first line (if the LSD theory is correct) would refer to Paul. Now that I've said that it does sound odd that he would address Paul and then the listener.
As I said, I agree that we shouldn't overcomplicate things. I'm still hoping hibgal will confirm that I've understood correctly what he/she said.
Personally I think the first two lines address the listener.
To me John is saying : OK Paul was behind Sgt Pepper and that was a great success that took everybody by surprise but don't let that blind you to the fact that he's really a nasty piece of work.
And after that the song becomes a direct attack on Paul.
I'm willing to be convinced otherwise concerning the first two lines, but none of the other possiblities (LSD, Paul Is Dead, cherishing mother's eyes or whatever) have ever really convinced me.