Here is a blurb about the song from Wikipedia:
"Innuendo" began as a jam session in Switzerland amongst May, Taylor and Deacon in spring 1989. Mercury was upstairs and heard them playing the beat, and turned it into a song, creating the melody and starting off the lyrics. From then on they all four worked on polishing the track and Taylor took over the lyrics (which were written as a tribute to Led Zeppelin and their song "Kashmir". David Richards and a flamenco interlude played by Yes guitarist Steve Howe, who had come to visit them and was asked to play what Brian May himself admitted he couldn't. Like "Kashmir", the title of the song is only mentioned once.
And here is the blurb from allmusicguide:
Queen began their final album together in an appropriately regal style with this track, a complex epic that harkened back to their 1970's classics like "Bohemian Rhapsody." The lyrics present a message of hope: in a world where "we live according to race, color or creed" and where leaders rule by "blind madness and pure greed," hope can still be found if one has the will to do better: "Yes, we’ll keep on trying/Tread that fine line/Oh, we’ll keep on trying/’Til the end of time." It also adds a shot of pure hope during the song’s midsection: "You can be anything you want to be/Just turn yourself into anything you think that you could ever be." The music lends this ambitious lyric the grandiosity it needs, marrying verses that make a determined ascent from minor-key depths to a rousing chorus that reaches for the sky. It also works in a fanciful, delicate bridge whose fluttery phrases add a shot of pure pop to an otherwise rock oriented song. Queen’s recording of "Innuendo" delivers their personalized mix of pomp and power in high style: the main part of the song is built on a mixture of spooky synthesizers and guitar-anchored rock but also works in an unexpected flamenco guitar instrumental break played by guest guitarist Steve Howe and a stunning bridge where cascades of synthesizers and glossy vocal harmonies give way to an electric jam. Freddie Mercury providess a lead vocal that matches power with grace and Brian May and Roger Taylor add lush harmonies that add a final layer of richness to the sound. The resulting combination of power chords and ear candy didn’t make much of a chart impression in the U.S. but became a #1 hit in the U.K. and did similarly well elsewhere in Europe. It remains a favorite with Queen fans everywhere and one of their most inspired latter day efforts.
From the LP "INNUENDO" (Hollywood) Feb. 4, 1991
Freddie Mercury (vocals, keyboards)
Brian May (guitar, keyboards, harmonies)
John Deacon (bass, keyboards)
Roger Taylor (drums, percussion, keyboards, harmonies)
Steve Howe (Spanish guitar)
Get it here:Queen - Innuendo