Jackie Lomax on Thunderbird jamming with Macca

[OldManC]

Essentially it is a Beatles backing track with him singing.

That's how I always thought of it too.

[eb2]

It sounds a lot like the sound they were getting around the time of Ballad of John and Yoko/Old Brown Shoe.  The mix, the drum sounds, etc are all very similar - fat snare, lots of room sound, guitar a little snarly, and pianos have a narrow honky tonk vibe.  I really like the bass tone on there as it is fat and defined.  The Badfinger/Iveys stuff is kind of the same sound around that time.  I don't remember who mixed/produced it, but it has a McCartney sound.