Cover bands are fun IF you've got decent players to play with, and audiences to play to. I was in two original bands, got signed, did gigs, and was broke and going back to college inside of a year.
In the cover bands I played 5 nights a week /5 sets a night, and worked 50 weeks a year for three years straight.
I made more doing that then the lumber yard job I was in to pay for gas and tuition at 40 hours per week vs 20 hours per week.
It'd have been great to been a successful signed original group, but the usual 80's thing happened...sex, drugs, cheating on your wife, and players showed up to gigs drunk or stoned, and it fell apart. The cover band was steady, and we picked tunes that were popular and deeper cuts other bands didn't do. Helped to have four of the five guys sing, and they could all play, too, though. And I'm sure the fact that we had a good sound man was important for the audience to enjoy the music, and punching up the solos so it sounded much better than other groups we were on the same circuit with.
I loved both the original and cover bands...but there's only so many good bands / guitarists in LA, and I was one of 10,000 in the early 80's.
Now I'd guess I'm one of 100,000 (if I even qualify for that)!