Grammar Grievance ?

Please dear readers and writers, help me out here:

"Between you and I"
is found in the lyrics of at least 3 popular contemporary songs; I am quite fond of one of those sangs. But by my lights: between is a preposition, and therefore, both "you" and "X" are objects of that preposition. I believe that the correct phrasing is: "between you and me."

Am I wrong? Am I sometimes wrong?