This is actually a really smart, really good move.
I love this idea a lot. And yes, I have heard the two radio rips.
Before you get upset at the idea of all these new kids taking on classics like Renai Revolution (which has already been done to death) or Love Machine (that one too), think for a moment.
I assume, as a fan, you'd be happy if more people could appreciate Momusu as it is now and stop going on and on about the 'Golden Age' that people have been going on about since the Platinum Era. At the same time, forgetting those days, or trying to pretend that they aren't affecting the current Momusu is just silly. What Tsunku (he's getting the credit no matter what you say) has decided to do is not only re-record these classics, but try and update them.