The more I look at the CV4 record art, the more I don't really mind it. I understand what Mondo is doing, at least: tying it into the upcoming cartoon.
Still, given the choice, I'd prefer original art. Mondo and iam8bit do some pretty questionable "bad fan art" covers, the former definitely much more guilty, whereas Data Discs are all about providing original game art, which I like so much more. I own the Snatcher record from Ship to Shore, and even though I'm pretty sure the cover isn't original game art, the rest of the sleeve and inserts are littered with vault art, which is awesome.
I don't hate Mondo's stuff though. The hope is that the mastering is done well, unlike their first CV record. I haven't plunked down for a record player yet so I haven't had a chance to hear my copies, but the fact CV2 and 3 provide both US and JP soundtracks means they're mastering at least part of the albums properly, so I'd be surprised if they're still doing that. I think enough people made a stink about CV1 that Mondo learned their lesson. CV3 was littered with sound effects on CD, and CV4 had some additional SFX like bells for the opening track, so if those are missing, I don't think there's reason to suspect they were taken from the CD masters.