For those who haven’t heard it, Gordon Lightfoot’s recording of Kris’ "Me And Bobby McGee" is a great version (it’s on his If You Could Read My Mind album, originally issued as Sit Down Young Stranger). As a bonus, it features excellent recorded sound quality.
In Country music, there is no show of respect greater than for one songwriter to record another’s song. Merle Haggard recorded Iris DeMent’s devastating "No Time To Cry", and while a good version it doesn’t come close to Iris’ own.