From today's New York Times:
Rock bands including Oasis, the Killers and Kaiser Chiefs plan to celebrate the 40th anniversary of the Beatles’ “Sgt. Pepper’s Lonely Hearts Club Band” by recording their own versions of its tracks, Agence France-Presse reported. With the Fratellis, Travis, Razorlight and James Morrison, they are making cover versions of the songs for a two-hour BBC radio broadcast on June 2. The original album, released on June 1, 1967, included songs like “A Day in the Life,” “Lucy in the Sky With Diamonds,” “When I’m Sixty-Four” and “With a Little Help From My Friends.” Geoff Emerick, the audio engineer who recorded “Sgt. Pepper” at the Abbey Road studios in London, will record the new versions using the same four-track equipment.
Well, you kinda knew this was going to happen.
Actually, the March issue of MOJO magazine came with a similar CD, except that with the exception of Echo and the Bunnymen nobody had ever heard of any of the bands doing the (mostly) mediocre covers.