I wasn't sure if this was really the Prince song when I first heard it. About 2/3 of the way through, the keyboard rift that is the signature of the original finally makes an appearance.
Alex Clare - he of the Internet Explorer commercial - does an interesting take on a classic song. In my opinion, it's not quite as maudlin as the original, but more aching. More interestingly, Alex Clare adds something that the original did not have - a bass line. Prince used no bass in the original. Alex Clare clearly uses some sort of bass, either real or synthesized, in this version. It's unexpected when you hear it - especially since its absence is so noteworthy and distinctive in the original.