I've been listening to the Flaming Lips (and friends) not quite murdering Sgt Pepper's Lonely Hearts Club Band. It's certainly better than their cover of Dark Side of The Moon and they've already announced they're working on a cover of the Stone Roses first album. I'm somewhat confused about this series of albums. Why bother with such a vanity project? I can only guess this is a filler whilst they try to re-capture their muse. The album isn't too bad but they've made it far too psychedelic and the most indulgent tracks being the first and last doesn't leave a great impression. The production really lifts it, it's superbly constructed which is saying something when they've thrown everything including the kitchen sink at it. The best track is definitely Lovely Rita feat Tegan and Sara and this is quite err...lovely . The rest tend to merge into one wall of noise. I'd give it 5/10
From the interviews I have read, and reading between the lines a little, I think they just do it for a bit of fun and an excuse to have a stress-free piss about with a varied bunch of like minded individuals.