I hadn't heard about this project until I saw this Question ... thanks for posting the podcast!

In general, I judge covers largely by asking, "is the person or group just rehashing the song, or bringing themselves to it in a way that makes a unique creative statement on the material?" Based on the previews given in the podcast, I love the way Peter Gabriel is approaching these song and giving them a fresh, very personal interpretation.

I thought his basic idea for the project was quite interesting ... according to Sterogum (article linked below): "The concept behind Peter Gabriel's forthcoming indie rock covers project is an intriguing one: it's a song swap, Peter singing over orchestral reinterpretations of songs from a staggering list of artists -- Bon Iver, Lou Reed, the Mag Fields, Radiohead, Bowie, Talking Heads, etc. -- with the intention of creating 'a dialogue with the writers,' paving the way for a companion piece in which a string of artists would return the favor." I'll definitely be interested to hear the work of any artists who take PG up on the "dialogue" idea by doing a cover of one of his songs.

PG has definitely made a strong choice in creating a more orchestral treatment of the songs ... how well it works in it's entirety is something I can't know, as I haven't heard the whole album yet. It could get monotonous, or it could be a great collection to listen to all the way through when you're in the mood for it. Most definitely, I heard soundtrack potential in some of these songs ... my first thought on the songs sampled in the podcast was that they sounded like they had been adapted for use in a film.