The original song that was going to be used in the movie is more of a rock opera style song. Personally, I'm not really sure what it is about the song you hate that much. No, it's not a masterpiece, but from a composition standpoint, musically it does a good job representing the Once-ler's downfall. The guitar becomes increasingly more distorted and his singing becomes increasingly more growling, complete with echo, the further into the song.
And before you say it's modern pop-rap crap, no. It reminds me of a more family friendly Run-DMC song. Very old-school rap vibe to it.