I don't know if it's better than the original, 'cause 'Billie Jean' was a pretty great song to begin with, but the late, great Chris Cornell slowed it down to almost a blues type of song, and he puts so much feeling into the lyrics; I really understood stuff about that song I hadn't realized, 'cause Chris forces you into the words; nobody's dancing to his version.
He did some pretty inspired cover versions; he's got a recording of 'A Day In The Life' that was recorded live at Royal Albert Hall, and I think John Lennon would have been mighty pleased. He even does those 'AHHHH's before the final verse in a way that sent chills down the ol' spine...