the liner notes give a nice peek at WIPTF recording/production and Ken's view of it:
I recorded/produced quite a bit of the album this song appeared on originally, but not this song, which I think is one of John's best ever. I thought Chris Walla's recording of it was...er...perhaps going for a conceptual end that was over my head... in other words, he had made the guitar sound * really * strange and I thought it would be better off recorded from scratch - but we didn't have enough time, we had to finish the other songs we were working on. John smartly included it on his album. My version was recorded live in my flat, with one mic (a Pacific Pro Audio PPA-2ube) in figure-8. I'm on one side, strumming and singing, with the amp on the other side of the mic. Sonically, it kills the LW's version. But, I'm at the point where I have to admit I could never write a song this good.
I really like Ken's version, but I prefer John's. However, I personally think Ken has written equally good songs, so that balances things out for me.