+1 to this.
I think of chiptunes as an amusing novelty, so I was interested to see what a full conversion of PHM to PEM would actually do to the album. I seriously think it's a great cover. The cheekyness of the 8-bit sounds emulating the emotion and rawness of PHM puts a huge smile on my face for some reason. For lack of a better phrase, it's kind of like a cute and cuddly version of PHM - but don't take that negatively! It's meant as a compliment.
I am also super impressed by the actual production/mastering/cover itself. I don't really know much about chiptunes, but this is definitely not like a MIDI cover. It's so much more, and better, it's great.