I recently parted ways with some very talented band mates who were obsessed with covering the tunes note-for-note, gotta be the original key, all that. I was not anal enough for them along those lines, and they were too anal for me . . . I felt like I was choking. I'm definitely from the "do a cover but show me YOUR take" school, while they seemed convinced that they have to play things note-for-note to prove their chops . . . to prove they CAN. Who cares, except for one or two local hacks at the bar, who are only there to convince themselves their band is "better" than the one on stage?
In my time I have heard more than a few local acts achieve this "cover perfection" reasonably well, but I swear most of the audience seemed as bored as me. My experience is that the "looser", more creative bands -- provided they are talented! -- clearly inspire more enthusiasm and fan loyalty than the tight-asses.