One of my favourite pop songs, due to its immense emotional impact for a (relatively) simple musical line. That being said it's an incredibly difficult song to get right and I know it's one of those songs I won't even want to try to play - because the original (and Coldplay's live performances) are just loaded with heaps of passion and emotion which carry the song.
The arrangement and playing by your band is pretty smooth, no real issue there. Initially I went "what, synthesiser and they're not trying to use organ?" but I suppose you're going for a more intimate feel here, a bit of an acoustic-ish set, right? The passion is really missing though, I suppose that's quite common when you're a bit nervous and trying to get all the notes right. I get the feeling that you either need to go balls-out-whole-package balladic anthem like Coldplay live OR single passionate guitarist with acoustic+vocals. Small band feels like middle of the road doomed to failure no matter how you try.
I know the vocal part is difficult, but do cut down on the effects. Passion is the name of the game for songs like this; more raw less autotune = good.