Rufus Wainwright's cover of "Across the Universe" is superb (it's a bonus track on the US release of Poses). Marshall Crenshaw's cover of Grant Hart's "2541" is great (so is the original).
I personally like a lot of covers and think there is nothing inauthentic about cover versions. For those who think otherwise, I would add: "Girl You Know its True" by Milli Vanilli (inauthentic in so many ways).
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