Princes kept the view
While all the women came and went
Barefoot servants, too
The thing to note here is the differing classes in or around the watchtower. You have the privileged princes completely safe up in their watchtowers, the women passing around the area. Even the lowly slaves are coming. This represents how when this change comes it will be all the way from the top to bottom. Everyone will be in for a shock when they realize life is more than a joke.
To help improve the meaning of these lyrics, visit "All Along The Watchtower" by Bob Dylan Lyrics and leave a comment on the lyrics box