Queen is a band who if you try to cover their song, your version will suck (except the Between the Buried and Me version of "Bicycle Race").
On top of that, in this attempt you have Billy Gillman who isn't really even an impressive or special singer in any way trying to cash-in on his childhood fame... Good attempt, but i don't think America will feel sorry enough for him to pretend to like him THAT much.
I have never heard Queen's original version of "The Show Must Go On," nor Billy Gilman's cover of the song. However, I know from experience that when songs are remade, there are fans in both camps. For example, some feel that Judy Garland's original version of "Somewhere Over the Rainbow," is the only version worthy of recognition. Others feel that the platinum-selling version by Hawaiian artist Israel Kamakawiwo'ole is the premiere version. So, is the Gilman cover of Queen's "The Show Must Go On" the better song. No, for fans in each camp will decide for themselves which song prevails.
Freddie Mercury had a legendary range spanning over 9 octaves. Any cover of his songs, in my opinion, just can't live up to his greatness. Although they may be good, there isn't a know singer alive with his range and ability. This means that no one can be on his level. While i liked Billy Gilman's cover, it will just never be the same. Freddie Mercury and Queen are in a category all their own.
Billy Gilman is very talented. He is have very good singer, but he is not better than Freddie Mercury. Freddie Mercury had one of the greatest voices of all time. When doing covers of songs, you are going to be compared to the original singer and many times the person doing the cover do the song justice. If it would have been his original song, people would have thought he would have done an even better job, but when you are singing a song that is not an original, you are always going to be compared to the original singer.
Billy Gilman's cover of "The Show Must Go On" was excellent in it's own right. Still, he is up against the iconic group, Queen, who will always have the upper hand being the original performers. If Queen were a one hit wonder that might merit further analysis of the two performances, but Queen is a group with historical significance, and when they performed the song they were not doing it just to win a talent show.