If I could find an originals project as satisfying as a couple I've been a part of in the past, then I'd pick originals. I don't hold out a lot of hope for that kind of project to present itself anytime soon, so I'm voting for covers.
Like many bassists, I'm not a songwriter, even if my parts sometimes strongly define the tune. As such, playing in any given originals band amounts to serving someone else's (songwriter) artistic vision. Yeah, that's maybe a bit of a cynical view, but I'll bet that if a lot of bassists are honest with themselves, they'll admit that they're draw to play originals because it's perceived by others to be "cooler" rather than because it allows them free artistic expression. If I want real artistic expression, I'll break down and buy ProTools and/or a looper...
Originals bands often have more ego problems, totally unrealistic expectations (delusions of grandeur), often create debt for the members, and are frequently characterized by silly and juvenile disagreements.
That said, what's emerging as my new "A" gig is an originals project. I'm strictly a sideman/hired gun however. They've made the big investments in recording an album and paying for promotion. If they become big and famous, I'm sure I'll kick myself for not committing more fully. Odds that I'll eat crow on my current decision? Let's just say I'm comfortable with those odds...
Gee, I'm a cynical old barstid, ain't I? Seriously, I know full well that playing in an originals band is going to be the most rewarding choice for a lot of folks, and I wish them all the success and fulfillment they can find...
