It is a great song, isn't it? This cover is not for me, but that's what makes the world go round! I'm glad when anyone does a Dylan song, especially the earlier stuff. I think (for me) this cover suffers from him choosing to do it in E. That's also the key that Dylan sings it in but I'm pretty sure that he plays it in C with a capo at the 4th fret (as he does for Don't Think Twice). That's how he gets those bass runs which are so charecteristic of his early playing.
Where the cover emulates Dylan successfully is in the pretty awful guitar sound! A lot of Dylan's early stuff, even the recordings, sounds as if he was playing strings made of....well, string. They are wonderful, and redolent of a time when the song was thing, not the production.