(Note - I review pretty harshly, so don't take a low score personally! I don't vote harshly.)
First, a pro tip - definitely find some better strings! Those strings sound like cheesy 80s film background strings. I'm sorry to be so blunt, but it's crucial that you improve them. Newgrounds has this great thread with 3.5gb of orchestral soundfonts (search for it), so there's really no excuse :-)
Other than that, it's hard for me to think of anything particularly insightful to say, since a cover hinges almost entirely on the quality of the instruments that you're using. I'd be cool if you could add a little more to the song in terms of personal ideas.
I just went and listened to the source material and it has a really beautiful female vocal (I see what you're talking about in the comments). You should give a little better voice to that vocal - perhaps with a violin or some sort of filtered synth.
Anyway keep it up. Let me know when you've improved the instrumental noises.
P.S.: The one time I feel like fadeouts are appropriate is when it's in the middle of a jam - indicating that the jam goes on and on forever, and you, as the observer, have merely left in the middle.