Mikaelas Adventure

"The Frog Prince" was composed in 2004. It was first mentioned by Tim on the Strangers DVD. A demo version also features Tim singing on the lead vocals.
Rice-Oxley explains the song on the 6th podcast:

(...)It was inspired by a conversation that Tom and I were having in a slightly drunken state in a hotel in Toronto, and we were talking about someone in another band who we felt was a really talented songwriter and really intelligent and talented person, but we felt he was busy bad-mouthing us and every other band that was around it seemed. It was very frustrating to see him go from a cool great songwriter in a small indie band, to suddenly becoming this person who's playing the part of the arrogant rock star(...)

Richard gives also a meaning to this on the link above.
Despite Rice-Oxley having stated several times that The Frog Prince is about a singer from another band, some fans believe it is actually about Tom Chaplin. A number of artists have been mentioned, including Noel Gallagher, Alex Turner, James Blunt, Morrisey and Chris Martin. On August 19, 2006, an NME article stated the song was about Johnny Borrell of Razorlight. Tim Rice-Oxley has confirmed this in a Keane Newsletter.

Oh my good!