Checkout this studio performance of Radiohead covering New Order's Ceremony. (You Tube link)
A friend of mine showed me this the other day and since then I got on a Radiohead and Joy Division binge and its never been so good, well almost never. I'm as much curious as I am cautious about covers. Most times they don't reproduce the original artists intentions but maybe thats not the point. I think the point in this case is just to turn down the suck and turn up the awesome.
I don't know if Radiohead is even in the business of doing covers. I think it does show that they do have great appreciation for this song and the artists behind it. If you haven't seen it, I hope you enjoy it, as much or more than I did.
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