What's your view on what chemistry is?

I've been thru several friendships where we seem to click really well. Especially this last one. We're still friends, and we both have said we want each other in our lives. She has told me 'i enjoy everything about you' but also has said 'we just dont have chemistry'. We cant seem to not go a day without exchanging 20 or so texts, we have this flirty 'banter' but yet she also considers me a good source to vent or tell me her troubles.

To me, chemistry is all about compatibility. its about a spiritual connection where you cannot go more than a day without seeing them, or more than a couple hours without thinking of them. I know looks are important to a point...but when i hear the whole 'chemistry isnt there'....it sounds like she thinks she could do better in the looks department. Yes or no?

RichardJohnson