Hendrix's version of 'All Along The Watchtower' beats Dylan's original, in my book. It's said that Dylan agrees!
While we're on the subject, isn't it time the music industry stopped calling things like Westlife's 'Uptown Girl' a 'cover version'? The point of a cover version is (or was) to add something to, reinterpret, etc, the original. Westlife's version of 'Uptown Girl', like loads of other recent 'covers', was little more than karaoke, really. Most annoying (and pointless, except as a money-making exercise, albeit for a decent cause for once!)