Before you start to hate The Beatles because of this song, you should probably know why it was composed in the first place.
When Lennon was a student, he went to Quarry Bank High School, and one day he came across a letter from Quarry Bank. It was written by a student of the school, telling Lennon that an english teacher was making them analyze the lyrics to their songs in class. After reading the letter, he sent back a response to the student, and started composing his next song as misleading and inconsistent as he could.
When the band started to record the song, Lennon had made it clear that he wanted the song a certain way, especially because the recording had a horn section and a sixteen piece choir. He also wanted the song to be written and scored a specific way, so he sang most of the parts as a guide to the composer of the horn section. As the last part of the song, Lennon had added in a reading of King Lear that he had been fiddling with.
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The song was a part of the Magical Mystery Tour soundtrack that went to the movie of the same name. The movie is about magical things that happens from the cause of five magicians on a tour bus, played by The Beatles and their road manager.
The movie is pretty weird, just like I Am the Walrus. If you think this is freaky, have you heard Revolution 9 backwards?