Those familiar with either original - Hang On To Your Ego is also known as I Know There's An Answer, with slightly different lyrics - know that there's a dreamy, jug-band quality to The Beach Boys versions, musically. This version is more straight-ahead rock, with The Pixies's Joey Santiago joining in on guitar, and less dreamy musical experimentation and bass harmonica.
Interesting story about the original after the video:
The controversy on this song, the original version, which Brian Wilson wrote and sang, is that the title refers to the effects of LSD on the user. Mike Love objected - that wasn't his scene - and so Brian Wilson decided to change the lyrics. It was rerecorded with Love and Al Jardine on the lead vocals. Both versions are preserved on reissues of Pet Sounds. And, in my opinion, they both work.