Over 2 decades on and it's still as relevant today as it was when Bob Geldof and Midge Ure called up all their friends in the music business and crammed them all into a recording studio for a day. The lyrics are somewhat weak, the music is a bit cheezy and many of the performances are, well, crap - they even had to dump a section that was recorded by Status Quo because it was't up to par. But despite falling short in every field the results are far greater than the sum of its parts, there's some tangible honesty in many of the performances from the artists on the record. For some of the artists it may be just because of the speed with which the recording was made, but I'd like to think that the majority of the performers really cared about the cause.
Compare this against the awful 'We Are The World' which was an altoghether more crafted creation from start to finish and yet the combined efforts of the writers, performers and producers brought us something that fails on every musical level. Yes I know it made more money, but there's something wrong about artists performing for charity and turning up to record their lines in limos.... Kool & The Gang got it right - they were the only US act to appear on Band Aid and therefore managed to help the charitable work without getting involved with this mess.
Also, we should forget the regrettable 1989 remake with a lineup stuffed by Stock, Aitken & Waterman stable of 'talent', at least they didn't screw around with the arrangement. The 2004 version did a more interesting remake, adding some new lines for rapper Dizee Rascal, featuring many performers doing more than just singing - Paul McCarteny on Bass, Thom Yorke on piano and Damon Albarn making the tea for everyone. Sure it's not as good as the original, but it was a worthy endeavor nonetheless.