The Pet Shop Boys (PSB) said they did this cover, in part, because U2 came across so seriously in the 80's - like they weren't having any fun with their music. Of course, right as this cover came out, U2 reinvented themselves with AB and ZOO TV, thus making this cover moot.
I'm not really a fan of this cover, although there are plenty of other PSB songs I do like. It's just that PSB over-synthesized the heck out of it, while removing any trace of passion and meaning. In other words, if U2 was too serious, I felt PSB was too corny.
Cher's version was her opener on her tour and while U2's version - alone or with the gospel choir - is better, I felt Cher was making her own personal statement with the song. It became less religious and very personal, a freedom Bono's lyrics allowed and an item Cher used to her benefit. It is camp, but then, that's what Cher is all about.
So I didn't really hate it. Oddly enough, I found this less camp that PSB's cover (then again, I guess gay men would know how to be more camp than a gay icon
).
As for Clay's cover, blah. He has a voice, but his cover was soul-less. He wasn't making fun, like PSB, he wasn't being camp, like Cher, and he didn't have any personal involvement (as both PSB and Cher did). It was very American Idol-ish and not in a good way. He just sang to showcase his vocals. Without any passion, the performance was lacking.
Speaking of American Idol, we all know about
David Cook's cover of "I Still Haven't Found...", which I felt was very good, but have you heard
Daughtry's cover of "Sunday Bloody Sunday"? Not only do they do a good job, but Chris Daughtry gives some kudos to Bono's vocals, indirectly, in his description of the song.
This is perhaps my favorite cover so far.