When I say I'm spiritual but not religious I mean that I believe no human has the answer for the numinous/spiritual dimension to life, no religion contains the full truth although we are all grasping at the truth in different ways. To me, following one doctrine means limiting myself to one perspective on spirituality, means becoming dogmatic, when that is not what I believe "the way" is.
So I'm on my own path. So far I'm leaning toward pantheism as what I believe, but there's no specific ritual, supernatural belief or organisation I need to belong to in order to believe it.
"Spiritual but not religious" to me means "I am on my path towards truth, but I don't have all the answers yet, in fact I may never have all the answers".
To me, religion means "I know the answer and it's to be found in this particular text/mythology".