I listened to it for another half hour or so and I really don't think it's bad, but it's not the original. Upgrading graphics is one thing, remixing every song is pretty different.
On the other hand, there's supposed to be an "old graphics" switch, so there might be an "old music" switch too. Or maybe it'll be available for 200 Wii points like they did with Megaman 9's downloadable content.
On a closely related note, have any of you folks heard the theory that the reason Nintendo isn't putting Earthbound on the Virtual Console is because the music blatantly rips off several artists and they don't want to re-pick that scab?

I've heard suggestions that they just change the game's music and release it with new tunes, but people don't seem to understand- music is one of the stronger elements of a game.
Sure, occasionally you'll mute it because you forgot your headphones on the plane or whatever, but when it's there, it's changing the experience. Shitty music can break a game. Changing a game's music is generally a really bad idea.
Edit: Also, apparantly the music is now in MIDI. Really don't know how to feel about this.