The guitar sound, especially in the intro, has a great feeling to it. PROBABLY due to the quality, but still, it has a little buzz which sounds nice. The vocals also sound rawer, and the break before the second chorus works better. Also, I think the original chorus words work better with the melody (apart from the double oooh).
However, the solo is way too deep in the mix, and has the Everyday-ish "I'll just do lotsa bends, that'll sound rad!" to it. The break works for me, especially with the riff coming up again after it. Yet, the riff seems to be slightly different, a little more edgy, but I can't say I prefer one over the other. Still, repeating the "oooooh" twice in the chorus doesn't work as good as the "oooh" - "Iiiii" in the final version. Well, and the lyrics aren't that bad IMO - not when you think of how "great" the final version is as well. At least there's no "I'm gonna live my life" in them.