I prefer the S&G version of the song, for a couple of reasons: first, they wrote it; second, it's one of those sliding-key things that Art Garfunkle liked to play with, and that his voice seems uniquely suited to; third, it's the first version of the song that I was familiar with, and in such things are preferences forged.
Besides, we sang that song in Chorus in high school, and performed it at a choral concert in the fall of my senior year, and it was the S&G tempo and presentation we used as a guide. The Bangles' version is punctuated differently, from a percussion and general rhythm perspective.
Now, if you were to ask me for a preference between the Bangles and S&G for sitting around and chatting in a clothing-prohibited sauna, well... the Bangles win that, hands down. I'll always Walk Like an Egyptian for those girls...
As for the lines that feel to me very much a part of what Phoenix is doing right now, there are two little clips I'd like to point out:
Seasons change with the scenery,
Weaving time in a tapestry,
Won't you stop and remember me...?
and...
Look around,
Leaves are brown,
There's a patch of snow on the ground....
-the other Doug