The selection of items seems weaker to me, but for me the main sin is that the original is basically chronological, which makes it more impressive that it's a coherent song at all, if a bit overrated and very boomerific. Fallout Boy one just throws shit in at random to make the lines scan and rhyme, so it's very "meh" even as a follow-up. It feels like they kind of didn't understand that the original was a survey of the time period.

The Fall Out Boy version just blasts out a bunch of random events from the generation it is covering. Joel's version has clearly defined decades/eras and the progression through time.