Dissenting vote about "If You Believe.." I love the song for its sweet simplicity, but thought Whitney and Mariah damn near destroyed it with that melisma vowel-extension thing we talked about in an "Idol" thread. I like the song as performed in "Prince..." by Michelle and the unknown. Everyone can beat me up.
But covers of b'way tunes used to be a staple of pop music. Songs were given to artists before the shows even went into rehearsal. For example, "Mame" was covered by many, as was "If He Walked Into My Life" (Edie Gorme -- Grammy nom!) The Schwartz sound lends itself to this practice, though everyone should remember that people expected the RENT songs to have covers, and the only one to emerge is "Seasons of Love." Everyone was shocked.
The WICKED ballads are appropropriate, maybe more than RENT. I called "For Good" months ago, and thought it should be Emmylou and Dolly Parton.
"I'm a comedian, but in my spare time, things bother me." Garry Shandling