My impression is that the new one's a much smoother, more professional recording. The original was made under very hectic circumstances with time constraints. I agree that the first one is more emotional, the second more clinical. Which is better is up to the listener, I guess. I prefer the first because I'm old and Bandaid was a big deal to me as a teenager

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I don't think there's that much you can do with it, though, as a song. The original was created to serve a purpose, which the new version continues to serve, but I doubt it will every be anyone's favourite song ever. Mumble, witter.
Fred