Hmm... the guitar work is excellent, and I like the mix and production. I think the singer has talent, but it doesn't come over as well as the instruments and he does sound like he's straining too hard which has removed any emotion he could have put into it.
I'd agree that it doesn't take the track anywhere new, there's no ideas in it which weren't in the original and covering a classic like that without changing anything is always going to be a tough proposition.
I'd suggest covering something which would require them to be different, something without guitars like Keane or keyboard led like Cold play, or even a track originally by a female singer, where something new would have to be brought to the party.