Some good points, Murph. The problem with any kind of "cover" is that we humans seem to have a natural tendency to become attached, reasonably or unreasonably, to the first version of something (movie, song, etc.) we experience. If an artist is going to substantially alter something which is already treasured and revered, in order to justify the change, they must make their recreation something very special. And, regrettably, no matter how creative they are and special they make it, many will not care for it simply because it is different from the original. So, doing a "cover" is a risky business.
