The song tells the story of two lovers (Stoney and Miriam) who are up for going against the world in order to be "always together;" By world, I mean a jealous guy (Womack) who's trying to steal Miriam from Stoney.
The featured guest, Snoop Dogg, comes in in the middle of the song to deliver a plot twist. You can catch Tribe Called Quest's Ali Shaheed Muhammad playing DJ.
"There Is Only Now" is one chapter of the album's overall story, which features Stoney (Scarub of Living Legends), Miriam, and Womack (Busta Rhymes). Busta Rhymes is featured on another album cut, "Womack's Lament" which reveals Busta as the villain of the love story. The album is entirely produced by Adrian Younge.
The video closes with "All You Got Is Your Word," which is on the B-side to the 7' vinyl.