The song is absolutely about losing a loved one - primarily to death but it's obvious she and Babyface left it open-ended so more people could relate to it. It's absolutely an early "One Sweet Day" just like "Just To Hold You Once Again" is an early "My All".
I kind of think the song was written with the intention of being a full single.
I do think the remixes are random and unnecessary, but I do like that they highlight her vocals on the song. Her vocals here really are amazing. The remixes were probably commissioned solely for the purpose of being able to release another maxi-single. $$$$$$. I certainly bought it.
Did anyone ever actually hear this song on the radio? Don't forget it technically was a "Double-A" sided single with "Without You" for Urban Radio, but I have never heard this song anywhere other than my own personal CD/iTunes collections.