I think it's a very creative remix. I mean, I loved the way Thomas Detert mixed Sigma 7 and Chariots of Fire. I really like it when someone tries to imitate another song with a c64 song. It takes a lot of skill...and sample/VSTi/synth power.
What I didn't like with this Flip the Flop remix was that, as I said in another thread, than the Boomfunk punch isn't there. I don't listen through PC-speakers, so that's not the problem.
And though I like cheesy lyrics, I didn't particularly fall for these. So I voted it Very Good. Because it's an original effort, executed in a nearly perfect way (IMHO).
I woudn't go so far as to say it's the first of it's kind, though. But, as I said, it's a really creative remix.