Regardless of whether it's sung or played, a successful version of "Ding Dong Merrily On High" needs to be lighthearted and spirited. It's appropriate for "Coventry Carol" to be somewhat leaden, but it's the antithesis of "Ding..."'s spirit.
Maddy Prior & The Carnival Band understood this, as their live version has Prior nailing vocals that aren't the easiest to master over an appropriate accompaniment of bells. Prior's asides to the audience and the crowd's enthusiastic reception also help make this the most engaging rendition I've heard.