I am a big fan of Bowie, and a big fan as well of Tin Machine, Bowie's very under-rated group project from late 80's to early 90's. The song, written by Bowie and guitarist Reeves Gabrels (another brilliant musician), was originally performed by Tin Machine on their debut album.
This version, however, is for the most part acoustic and performed by Bowie in 1997, nearly a decade after the original. The song, in style, is very different, and although minimal/acoustic, very unique sounding. The long version has a little more ambiance and lyrics, which really helps draw you into this great recording.
The third track, however, is extremely dull; written/performed by the Pat Metheny Group with Bowie on vocals. His vocals really don't mix with this song, as too many notes drag on and from out of seemingly nowhere. I haven't heard any other songs from this band, but it seems 'This Is Not America' was made a single just to milk off of Bowie's appearance, which isn't even very impressive.
(If you want to get a hold of good vocal performances by Bowie with other groups, try Placebo's 'Without You I'm Nothing' or Tv On The Radios' 'Province'; Bowie also has recently done vocal work for Lou Reed's 'The Raven' album and Gabrels' 'Ulysses' album). Also, look for Reeves Gabrels' song 'You've Been Around' which was originally to be in the Tin Machine project, but abandoned. (Bowie also re-recorded the song for his Black Tie White Noise album).
Overall, this newer version is great, and shows Bowie's skills at guitar and ambiance. If you don't have 'This Is Not America', then I'd recommend getting this as well, though I personally don't feel it's worth getting to be perfectly honest.