This seems at first one of the most depressing sonnets. It is certainly one of the most well known. It begins with the poet's list of dreadful perceptions of himself. But also we can see a good deal of self pity and insecurity. Then the poet would have us believe that when he thinks of his love all the shadows disappear and there is glorious light - but there is the definite feeling that depression still rules the moment.

When, in disgrace with fortune and men's eyes,

He is out of favour - nobody loves him anymore. But he takes it farther. 'Disgrace' means just that. It might have been a time when Shakespeare was either out of fashion or out of work or even disliked. Hard to believe now, but there might have been periods like this. 'Fortune' may mean good luck as well as money. 'Men's eyes' are society as well as particular men - like an argument or being on bad terms with a group. 'Men' aren't looking at him anymore - he is alone.

I all alone beweep my outcast state

Clearly he feels deserted by everybody - an outcast beweeping or even crying by himself.

And trouble deaf heaven with my bootless cries

He seems he has prayed to be delivered from his depression but no divine answer came - 'bootless' meaning useless - having no effect on God.

And look upon myself and curse my fate,

He even becomes angry about the state that he finds himself. 'Curse' is interesting following the last line about 'heaven' in that Godless people curse or cast spells.

Wishing me like to one more rich in hope,

He now compares himself to others with a more optimistic outlook on life.

Featured like him, like him with friends possessed,

The comparison even goes to looking like another man - obviously better looking - and having friends like him.

Desiring this man's art and that man's scope,

This is Shakespeare being actually insecure about his 'art' or writing. Unbelievable, but true. The other man's 'scope' or variety of work makes him envious.

With what I most enjoy contented least;

We don't know exactly what he normally enjoys, but it doesn't matter. Whatever it was he doesn't enjoy it now. He is not contented with anything in this terrible mood.

Yet in these thoughts myself almost despising,
Suddenly I think of you,

This is the sudden break - the realization of another world. From the pit of despair his love comes into his mind.

and then my state,
Like to the lark at break of day arising
From sullen earth, sings hymns at heaven's gate;

A breathtakingly beautiful two and a half lines. It is the suddenness of the transformation that takes our breath away. All the wonderful imagery of love is there. The lark with its lovely song of lovers, the dawn of youth, the earth of human sexuality - and in a leap he is with God singing hymns a step away from heaven. Something he cannot achieve when merely thinking about himself. True Love transforms two people into something greater than the sum of their parts.

For your sweet love remembered such wealth brings

Again, remembering the time they had together makes him rich - not poor in spirit like before in his loneliness.

That then I scorn to change my state with kings.

The final flourish is that he need not swap places with a king because he is already much richer in spirit-love than any monarchy could ever be wealthy.