yea it is. dylan has said so himself.
and anyone who takes musical advice from the vh1 & their talking head panel outta is a fool
Neil Young does it Jimi-style when he covers it live too.
The Grateful Dead (who have released several greatest-hits comps and boxed sets) are also a one-hit wonder. They are also one of the biggest touring acts in history.
Songs from '04, bands that have been around for years are 'new artists', and Gwen Stefani's coathanger abortion of a solo record nominated repeatedly...sounds like a good Grammys to me.