There have been some fine tribute, cover, and dedication albums. A few examples in pop include:
The Bridge-A Tribute to Neil Young Hank Williams-Timeless Till The Night Is Gone-A Tribute to Doc Pomus Shangrila-A Tribute to the Kinks
I would include albums of original material in which the dedications are presented thematically, like Lou Reed's "Magic & Loss"(Doc Pomus), or Lou Reed with John Cale "Songs for Drella"(Warhol).
The idea could be stretched into a general list of "best of" cover albums. I nominate Matthew Sweet's recent "Under the Covers Vol. I & II.
Any other good examples in pop, jazz, or classical?
most tribute albums are of the listen-once-and-forget-it variety, but one that really stands out is the roky erikson tribute (i believe it's called "when the pyramid.."), which has great covers by rem, john wesley harding,etc. i also highly recommend the gene clark tribute, full circle--he wrote a boatload of incredible songs. my final pick is the posies tribute, which i think is called beautiful something or other.
John Coltrane: "My Favorite Things"(Rodgers, Hammerstein, Porter, Gershwin) Joe Henderson: "Lush Life"(Billy Strayhorn) The Classical Jazz Quartet: "Play Bach"
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