I think we're all being a little harsh here. Cheryl's music isn't supposed to be beautiful, deep or melodically moving; her genre is pop & dance hits, and this song fits that perfectly. True, she turned V's masterpiece into something less than spectacular, but if you listen to this with the idea of dancing to it in a club rather than being moved by the music, it's a fairly decent song and I would have a blast dancing to it.
Also, Ingrid wrote Parachute with the intention of someone else singing it, and she was extremely excited Cheryl was the one who picked it up. It gave her a lot of publicity and huge amounts of royalties in the UK. She only decided to sing it herself recently, and even her version has some auto-tune in it.
With that being said, I'm in no way saying that Cheryl is an amazing singer, but she is an artist with a genre very different than V or Ingrid's, and we should respect that. Her trying to do an acoustic version of ATM would be a totally different story though, but luckily, that's not the case here.