I love when Dylan includes literary references. Although I'm not a particular fan of the Christian era and we see the bible references here which I do not like. Other literary references are welcome and an aspect I love researching as I rarely pick the references myself.
The literary critic Christopher Ricks compares both the imagery and the meter of "Sad Eyed Lady of the Lowlands" to a poem by Algernon Swinburne, "Dolores", published in 1866. Ricks describes Swinburne's poem as an "anti-prayer to his anti-madonna, an interrogation that hears no need why it should ever end". Ricks writes that "Dolores moves ... 'To a tune that enthralls and entices', as does 'Sad Eyed Lady of the Lowlands'." Ricks makes the point that "Sad Eyed Lady of the Lowlands" lists attributes in the same way that "Dolores" does. Ricks describes the way in which Dylan's song attributes so many objects and qualities to the sad-eyed lady as "part inventory, part arsenal, these returns of phrases are bound by awe of her and by suspicion of her". (Wikipedia)
But then again I find religious imagery oversused across all artforms. I don't need to see another movie with a main character with Jesus on a cross symbolism. Whether on the nose or not, I just do not like it as a source of inspiration.
I also think, beyond the lyrics (which is normally the center of attention in Dylan's works) the sound of this song is just spectacular. Not that waltz is my genre or anything, but this song is beautiful.
Also just found out: Dylan's version has been cited as an influence by the former Pink Floyd bassist and songwriter Roger Waters, and George Harrison wrote that the track influenced aspects of the Beatles song "Long, Long, Long". Thank you Wikipedia!
If you know the song, I'm sure you love it. If you don't, hope you enjoy it!