Reasons why I prefer the substance version:
-The vocals are better (though they could be mixed better)
-The bass line during the 'watching forever' bit isn't really there on the original version
-Steve's drums are crisper
-Faster tempo seems to be in line with most live versions
merits as I see it of the singles version:
-vocal mix (granted, not the whole vocal take itself)
-second guitar more audible during the bridge (but the mixing of the lead is obnoxious-the quiet to loud effect doesn't really work, unless that's just a shoddy mastering job on singles)*
-more spacious mix
If the substance version had a little more reverb, I would say it is without question superior to the original, but as it does not, I enjoy the original now and then for its unique qualities.
*what is Bernard playing there? What did Gillian end up playing? It's not chorus riff...slightly different and far-off sounding.
Also, Galaxie 500 were a fantastic group from Boston. Didn't like their version of Ceremony at first, but it has grown on me steadily.