The song is a soft rockballad, reaching number nine on the US Billboard Hot 100 and number eight on the Cash Box Top 100 in the summer of 1977. In Canada the song reached number three. It may have alienated even the biggest of Cooper's rock fans as it turned out to be his last US top-ten hit until "Poison" 12 years later.
Cooper regularly performed "You and Me" live on his 1977 and 1978 concert tours. He also performed the song on The Muppet Show in 1978, as a duet.