Brilliant or Crap? A Musical Litmus Test

So below is a link to a cover of a song that I've been hearing on woxy.com (the best modern rock radio station ever). I feel the same way about song covers as I do about revivals of plays and remakes of movies: if you're just going to replicate what someone else has done, keep it to yourself. But there are some who may think this one goes a bit too far: what do you think?

Xiu Xiu feat Michael Gira - Under Pressure (Queen cover)