I prefer originality over remakes, but if you're going to cover a song, you either make it your own or you slay the original.
I have a friend who's a pretty good singer. Years ago she was competing and I don't even know what song she sang, her mother was relaying the story to me. One of the judges gave her good marks but told her, "If you can't sing the same version of the same song better than the person who did it, don't sing it." The basic reference was to WELL-KNOWN songs.
Celine Dion is an outstanding singer, of course. But whether she did the best version of "The Power of Love" REALLY IS up for debate. Air Supply and Jennifer Rush both did outstanding versions of that one. And Whitney Houston's version of Dolly Parton's "I Will Always Love You" is damn good - it's like it's a different song.
But yes - make the song sound like a totally different song or don't do it.
The days of "an album cut" are long gone.
I always thought that's what made Linda Ronstadt so spectacular. I read years ago that her career (at least the chart songs) was (with one notable exception) remakes and that in all but one case, she had charted higher than the original artist had.
Otis Redding heard Aretha Franklin sing "Respect" the first time and his reaction?
"That girl just stole my song!"