I have to come to their defense - I think its a nice homage and although there are stronger MJ songs out there, this defined the sound of songs for a while, just think of Phil Collins' Easy Lover and Corey Hart's Sunglasses at Night which both copped their riffs off Beat It.
German angst punkers The Bates did a nice version of Billy Jean (plus a homage on Psycho):
Herr Cornell's version has something too: