First off, Coheed is my favorite band so I'm extremely biased.
That being said, I don't like this cover... I understand what they're trying to do (and they do it successfully), but since they're not trying to make it their own it's only a sub-par version of a great song. The singer is way more nasally than Claudio and after going back and listening to the original, he just doesn't sing with the same passion that Claudio does.
I know I'm being way too hard on the guys, I know they're just having fun and it really isn't a bad cover.