You mean the version on the "Honeymoon in Vegas" soundtrack? Really? Because I thought that version was great - Bono's falsetto was in the stratosphere there. Plus, the remix of that track is pretty dang good (posted here already).
The only cover I really don't like is "Unchained Melody". U2 did a rather poor job of that for the R&H era b-side. However, the live version they added at the end of "One" for the Zoo TV shows was very good.
The studio version, which IIRC was just Bono and Paul Barrett with a drum machine and some addons, is my favourite. It has a timelessness and lack of histrionics that transcends the artist.