Most def. Everybody hates the Eagles, but if some new band came out with "Hotel California" today, they'd be hailed as geniuses. Plenty of classic bands produced great stuff, but only on the first million listens.
I guessed I missed this post, I know quite few people love the Eagles. Yea "Hotel California" is one of their biggest hits and most popular song. But if some other band tried to do a cover version of it, I seriously doubt it will be a big hit.
Just like if some bands tried to do a cover of Queen "Bicycles" and it clearly doesn't even come close.