The band actually recorded this version of the song under protest. They were working on their hymns album, "Redemption Songs", with minimal help from the label, who wasn't really interested in the project, and deemed it too downbeat and depressing to be something they'd be interested in releasing. The label asked the band to try recording an upbeat take on "It Is Well", something that they could potentially use as a radio single, so the band went ahead and did it despite not really agreeing with the idea, which is why the mood of the music here (with the happy Beatlesque melodies and all that) doesn't really fit the lyrics of this classic hymn.
The band actually recorded this version of the song under protest. They were working on their hymns album, "Redemption Songs", with minimal help from the label, who wasn't really interested in the project, and deemed it too downbeat and depressing to be something they'd be interested in releasing. The label asked the band to try recording an upbeat take on "It Is Well", something that they could potentially use as a radio single, so the band went ahead and did it despite not really agreeing with the idea, which is why the mood of the music here (with the happy Beatlesque melodies and all that) doesn't really fit the lyrics of this classic hymn.