In the opinion of J.R.R. Tolkien, Thompson is to be "ranked amongst the very greatest of poets". Tolkien would, I'm sure, be drawn to the Catholic sentiment of the poem, in which the Hound is Christ, who lovingly hunts the lost soul of the poem's narrator, a biographical theme given Thompson's loss of faith, destitution, drug-addiction and ultimate return to the Christian fold. For myself, it has psychological meaning rather than a religious one.