I like the original and I also like the remake a lot. It's got a lot of oomph, particularly in Lindsey's solo and vocals. You're right, it is Susannah doing the female backing vocals. I think there's more of a conscious gender division in the "you are the magnet" (Matthew & Susannah) vs. "I am steel" (Matthew & Lindsey) vocal arrangements. It seems to emphasize a greater sense of sexuality between the female and the male...or maybe I'm over analyzing...
All in all, a good song and a good remake. I believe Walter said he loved it too.