If you read or listen to what John Lennon and the other Beatles had to say about this (I just recently read their discussions about this that are included in the Anthology book) as well as the fact that Julian's picture that inspired the song was saved and produced in many books, etc. on the Beatles, it is easy to come away convinced that the song was NOT about LSD.
Now, is it possible that Lennon pulled a "double meaning" with this song. Of course. The problem I have with that theory though, is I don't see Lennon hiding from that fact. IMO, if the song was about LSD, he would have probably admitted that. He was not one to try to hide from things like that.
Yes, and I STILL find it very hard to believe that it was just a "coincidence" that these nonsensical words spelled out LSD at the apex of the Beatles LSD ingesting days. Lennon was eating tabs of acid every single day during this period.
I still think that the Beatles got burned too many times by being open. McCartney admitted to smoking (and enjoying) marijuana and there was a public firestorm. Lennon upset the religious by saying the Beatles were bigger than Jesus. Later, I think the Beatles were just as well putting the LSD days behind them.