"Honky Cat" is the naive Country Mouse
who's idealistically left his (or her) boring country life behind for the excitement and glamour of the big city ("I quit those days and my redneck ways / Oh! Change is gonna do me good!"), and laughs off the warnings he gets from his fellow country dwellers ("and all the fools back home, well, said I was a fool").
Unfortunately, by the time "Goodbye Yellow Brick Road" comes around, our Country Mouse
has learnt the hard way that the big city isn't everything he'd hoped it was, he's been the trophy lover of a wealthy man or woman and it's soured, ("You know you can't hold me forever / I didn't sign up for you"), he ends up bitterly regretting his decision ("should have stayed on the farm / should have listened to my old man") and, disillusioned, resolves to move back home ("I've finally decided my future lies / beyond the Yellow Brick Road").