Sounds like the exact same track to me, although mixed slightly differently - I hadn't really noticed the pianos during the "bridge" or middle-eight section - but listening back to The Precisions, they're definitely there, just lower in the mix and with harmonies over them. And the strings sound more prominent in the Eddie Spencer version due to the lack of backing vocals...
I'd have to say that, in my opinion, The Precisions beats Eddie Spencer hands down, just the male vocal harmonies blending with the strings totally makes it, along with the effortless lead vocal. And that knock-out group harmony "whoooooooaaaaaaaaa!" sucker punch before it even begins - you're floored from the start! Eddie Spencer's version just sounds a bit too rushed, like he's singing slightly ahead of the beat (maybe this gives it some urgency for some?) and a bit empty without the group backing. Then again, it probably all just depends on which version you heard first - BUT... if you don't like either, you don't like northern soul!