For this first edition, after lengthy deliberation and coming close to covering Digital Underground's Sex Packets, all present voted in favor of the 'other' Underground's The Velvet Underground & Nico. Participants included this time around are Nigel Godrich, Joey Waronker, Brian Lebarton, Bram Inscore, Yo, Giovanni Ribisi, Chris Holmes, and from Iceland, special guest Thorunn Magnusdottir, and myself. Thanks to everyone who helped put this together, and to all of you for indulging in this experiment. More soon." via Beck's Official Site
Record Club: Velvet Underground & Nico 'Sunday Morning' from Beck Hansen on Vimeo
I think this is a great idea and this cover is actually pretty good especially when it hasn't even been rehearsed or given a prior arrangement.