Dont care bout the song or their versions.
But HIM has always been a thought provoking band/character in my views of music.
The band tones down their instruments and slows down their timing, which I like. Makes it heavy and full of doom like the band Type O Negative does. But his lyrics and singing style is much more emo and hits higher ranges than Peter Steele, reminds me of Davey Havok of AFI(late 90s-2002 era) mixed with Steele.
There are songs of HIM I do like, and those that I don't, but I haven't listened to enough to settle the books. Bam Margera's friendship with HIM is another parallel that adds another influence, as Bam likes a lot of emo music that is musically heavy.
I honestly think he covered the song because the song name fit his genre and it was an easy song to slow down. The chorus with a chick is another thing he likes to do.
All in all, I think the cover was a failure. he is better doing his own stuff.