Usually when a band does a "punk rock" version of a song, it's terrible. No matter what I thought when I was 13, once you've heard one punk cover of a doo-wop/70s radio hit/bubblegum pop song, you've heard them all.
With any rule, there are exceptions. The first thing that comes to my mind is Indecision's cover of the Cure's "Just Like Heaven". It's great, they basically left the song exactly the same, cheezy keyboards and all, just added some distortion and hardcore vocals. Those keyboards really make the whole thing.
My other exception to the rule is Seaweed's version of Fleetwood Mac's "Go Your Own Way". I'm sure I mostly love it because of Clerks.