As for Bono, he's not got quite the same vocal strength as in his youth but he's still got plenty of muscle and has actually become a better vocalist. He never sounds like he can't pull the song off and his ability to alter his attack is important but there are moments during "Magnificent" I wish he could summon his voice from years ago and just let it rip.
As for the subject of the song, there are multiple ways it can be interpreted. Bono is good at leaving himself an out in his songs. Many of them have a literal meaning or significance but he often keeps the lyrics just opaque enough that he can change his mind later. He has never been shy about acknowledging his faith in his lyrics and it is entirely possible to read these lyrics and find and find that in there. It's also possible to come at it from a different direction and come to a different conclusion. I'll let you make that call yourself.
It's time now for me to start mentally preparing myself for the show that is to come. U2, Atlanta, October 6. Magnificent.