I kinda suck at this, but here's my two cents.
I assume this is the video you are referring to: http://www.youtube.com/watch?v=sBQ8dm_NZkc
In my view this song is played in the key of B.
I think you have the B-A-E progression in the verses right. What's throwing you is that it's not a 1-4-5, it's a 1-b7-4. Other songs which use this progression (or slight variations of it) are "No Rain" by Blind Melon and "Seven Bridges Road" by the Eagles. And thousands more I'm sure.
The F# (or it's possibly an F#7 - doesn't matter really) is used to resolve back to the B, which is the giveaway for me that it's in B.
Anyway, that's my contribution.
PS: Good song. I hadn't heard it before.
PPS: One more thing, in your post to BGD immediately above you say the song ends on the iv. I don't hear that. In the video, the song ends at 2:56 and then another song follows in the video. I hear a B at the end of "Pray For the Fish" at 2:56.
Last edited by Astronomikal (2012-06-29 00:16:05)