I don't know anything about the Elton John album, and I haven't heard of it before reading about it here, but I remember many years ago a similar album was released. I don't know if you all remember. The only reason I knew about it back then was because I'm a big fan of Kate Bush, and she did a fantastic cover of Rocket Man. Anyway, the album had the biggest names on it, just look at the track list:
"Border Song" - Eric Clapton
"Rocket Man (I Think It's Going to Be a Long, Long Time)" - Kate Bush
"Come Down in Time" - Sting
"Saturday Night's Alright for Fighting" - The Who
"Crocodile Rock" - The Beach Boys
"Daniel" - Wilson Phillips
"Sorry Seems to Be the Hardest Word" - Joe Cocker
"Levon" - Jon Bon Jovi
"The Bitch is Back" - Tina Turner
"Philadelphia Freedom" - Hall & Oates
"Your Song" - Rod Stewart
"Don't Let the Sun Go Down on Me" - Oleta Adams
"Madman Across the Water" - Bruce Hornsby
"Sacrifice" - Sinéad O'Connor
"Burn Down the Mission" - Phil Collins
"Tonight" - George Michael