I'm of an apparently rare disposition in finding Dylan's All Along the Watchtower to be far better than Jimi's, mainly on account of the interplay between Bob's lyrics, simple arrangement and less-than-perfect vocals. Having said that, I realise I may well be a 'covers purist' anyway, in as far as believing an original track is, by definition, 'better' (at least in terms of being true to its essence).