Nick D'Virgillo re-recording Genesis "The Lamb"

It sounds like one of those "let's get this bunch of guys together and do someone else's music" projects that were the rage a few years back. The metal scene guys , the country and so on. It was usually musicians from third tier bands making a few extra buck from the extreme fans' need to have everything.
As if having Ratt's singer, Dokken's bass player, Accept's drummer, and Vinnie Vincent playing Aerosmith's Round & Round  was anything special.
Hayseed Dixie makes a good living out of doing bluegrass covers of various bands, and rock tunes. Dread Zeppelin brought Zep some much needed "serious" attention.
I would hesitate to predict that this project will make that big a splash. And for album "covers", I prefer the Dub All Stars version of DSOTM, and Luther Wright & the Wrongs country version of "The Wall".