Drew posted The Kills cover version of Pale Blue Eyes earlier this week, a song I've been listening to a lot recently- both The Kills version and the original. It is the best song of it's type that there is. A major chord or two, a couple of minors, some sparse backing and Lou Reed's lyrics of time, paper cups, feeling happy and feeling sad and infidelity. Wondrous thing really.
The fact is that it survives being covered often as well, not something that too many Velvets songs benefit from. There's a shaky 2-in-the-morning version by R.E.M. I like, The Kills blistering take and this beautifully played and sung one from Edwyn Collins and Paul Quinn.