Interesting number one. I just started listening to the We Are Scientists album. While I find the first half of the record to be great (especially the deep fried awesomeness of "The Great Escape"), the second half (beginning with "It's a Hit") morphs into an average Phantom Planet record. Which is fine if you like Phantom Planet (and I do), it's just a very weird disparity.
I like it! But then, I usually like projects like this - the Balanescu Quartet's reworking of Kraftwerk and Apocalyptica's first CD come to mind immediately, hell, even Pat Boone's heavy metal CD worked for me.