Although it was a big hit for The Supremes, I heard Vanilla Fudge's version of "You Keep Me Hangin' On" first. Upon hearing it in grade school, I thought it was meant to be sung and played at a deliberately trudging tempo; I figured that was intentional to convey the agony of waiting.
Neither version disqualifies the other. When you want to appreciate the song the way Holland-Dozier-Holland intended, however, listen to The Supremes sing it with a much greater sense of urgency. If you want to wallow in a situation that isn't working out, however, Vanilla Fudge has you covered.