This is somewhat a gender-flipped version of "My Funny Valentine," about a man whose looks are "laughable/ unphotographable." Yet, she loves him anyway: "You're my favorite work of art."
Here, the speaker says about his girlfriend that "you wouldn't call her smile a work of art." She also has "freckles," which some consider unattractive (personally, I could never see why), and has a "funny way she wears her clothes." All in all, she's "a cute and funny little girl."
Yet, it's not despite these quirks, but because of them, that our speaker is drawn to her. Her personality is winning-- she's "such a honey"-- and as to her un-artistic smile? He finds it "funny how it breaks [his] heart."
This is an unfortunate use of the term, which almost always has negative connotations. Here, he means that he finds her heart-wrenchingly lovely.
Yes, he does not just find her merely adorable, but arousing! "Every time we meet on the street/ Well, I just have to catch my breath... a little glance from her can set me all a-whirl."
Then, we are surprised by a clever way of describing the "heart in one's throat" feeling of intense emotion: "An elevator ride starts inside/ And it scares me half to death!" This is a very innovative and clever way of describing this feeling, at once startling and refreshing, yet instantly recognizable and familiar. Colloquial, but undeniably poetic.
In case we thought that his heart was breaking because he loved her from afar, and that their street-meetings were accidental, we have this affirmation: "I thank the Moon above and all the stars that shine/ That this funny little girl is mine."
A slight song, but what a relief it must be to the "plain Janes" of the world that they can find a nice man who will over the moon about them, even if they don't look like the starlets described in all the other songs.
Also, the song stresses the importance of a sense of humor. How many comediennes became huge stars based on their quick wits, despite having less-than-model-perfect features? And how long do such superficial things last, in any case?
The speaker is smart enough to know that "she has a great personality" is not necessarily damning by faint praise, but some of the strongest praise there is.
Next Song: Tell Tale Heart