If I had been there, unless Hetfield announced what they were doing, I wouldn't have known what it was until about a minute in (and even then, I might not have been able to place it until the vocals started) (although I guess this was an Elton John tribute thing, so....).
I'm not familiar with the original, so I can only compare it to the DT version, and this fell well short. The DT version was done in the days when JP had his best guitar tones, and it really shined through, and JLB was fantastic.
As a side note, I think this might be the first time I've ever seen Robert Trujillo with his hair down and not dressed like a Venice Beach skateboarder (probably like my co-workers when I put on a suit once a year or so).