Apparently The Eagles were pretty pissed about this song. Threatened to sue if he played it using their music at concerts, even though Ocean never made any money off it.
Anyway, I like it. The one I found on YouTube doesn't include the extended guitar riff towards the end though.
Coldplay's reaction to this one was the complete opposite. They invited him to tour with them.
I'd be pissed too. Dude takes their song and writes new lyrics and cashes in? Kind of a far cry from the sampling laws.
Edit* just for clarity - I hate the Eagles but still the principle remains the same, create your own intellectual property or pay for the right to borrow/use someone else's otherwise you're just a thief, regardless of how talented you may be in your own right.