I would agree that its only really Alarm Will Sounds' Aphex twin project that has really pulled something like this off successfully. They really captured the whole essence of the music... its proper stripped back and works nicely.
Agreed. I'd make another exception for Possessed, the album with the Kraftwerk covers by Balanescu.
The Balanescu Quartet - Autobahn
Don't ask me why, but it just works here. Even when its equally cheesy. Dunno, maybe it works because they stripped Kraftwerk down to catchy pop-music and compensated for the lost of electronic timbre by their quite raw play. Maybe it's because they are noticeably less serious about what they're doing. Or maybe I'm just searching for excuses.