I am in the play it like it sounds on the radio camp, OR complete change it like the awesome two cello's guys do. What is lame is when you hear a cover band half-ass their way through a song where they merely playing the same chords and same lyrics and not doing any of the parts that makes the song special. If you are one guy with a piano or acoustic guitar at a coffee shop that is fine, but if you are a professional band who expects to be paid, I think you need to deliver excellence to your audience. I am not saying note for note accuracy, but if you are for example, covering Spirits in the Material World, and you DON't learn the bass lick, that just sucks. Even people like my mom who is practically tone deaf would be like, ' he's not playing it right' This is most true obviously of songs with iconic bass licks. If you are playing Sweet Child Of Mine you had better learn the bass lick from the intro or even drunk girls at the club will think you suck. Just my $.02, but here in Nashville I hear poopy cover bands EVERY DAY half-assing their way through music they clearly don't like or understand and it is stark contrast to the amazing cover bands who act like pros. (the whole Broadway scene here is covers, both rock and country)
Well stated.
And knowing your audience is critical. Sometimes the cover band's "audience" includes the members themselves and some friends and family. They play the songs however they feel, their audience is happy, and everyone else in the room can take a flying leap.
I'm managing an 8-piece band with a horn section. My target audience is the weekend party dance floor singalong crowd, clubs and upscale/private clients. Mainstream crowd-pleasers played extremely faithfully, because that's what the audiences in the rooms I play want, and I can't get my band booked and paid unless I please that audience. The competition is stiff, and the other bands I compete with are doing the same thing. The clients that book these bands have tried less conventional, predictable, and polished entertainment and decided it doesn't work for them. Are we "human juke boxes?" Not really, when you see our stage presentation and audience interaction, you'll see a juke box or DJ could never offer what we do. If they could, these clients could save a whole lot of money by booking the DJ or renting a juke box instead.
But I envy bands who go out and re-work covers with clever, distinct arrangements and instrumentation, and have a whole "musical direction" going on, and an audience to go with it. Often, these bands have the creative and arrangement chops to work in their own material. I'd love to go that direction some day, and probably will.
But cover bands that have no identity, sometimes they're faithful, sometimes they just hack through it any old way they want with no central arrangement, I don't get that. From my experience, these bands are doing it for themselves and usually don't get booked regularly, and they're just fine with it.
Whatever makes you happy and helps you achieve your goals.