I've been listening to this Leonard Cohen song recently, noticing various versions, thinking about which one/s I like best. Probably the Rufus Wainwright version at present, which was on the Shrek soundtrack - love the piano, and the quality of his voice. Then again, kd lang does a differently wonderful version too. Don't quite like the Jeff Buckley one as much (although this is a lonely point of view - many apparently love this one). It's a bit milquetoast for me - Rufus kind of gets on with the job instead of dawdling about. Maybe he ate more wholegrains beforehand, or something.
But that rise in the verse - It goes like this he fourth, the fifth/The minor fall, the major lift/The baffled king composing Hallelujah - is a glorious thing, with Hallelujah as resolution.
If you want to pursue a cornucopia of versions, this blog has done all the research for you. Including providing eight verses (scroll down to the comment section). Apparently Leonard Cohen sings a selection, in concert, not necessarily the same group each time.
Another blog that discusses Hallelujah includes in its comments this one:
I think it's about emotion and faith, two things that must be experienced, not explained. The 'secret chord' is that mystery; we search for it without knowing what it really is because its experience is beautiful, terrible, and grander than ourselves.
which is from this blogger.