Lighter;
"It's almost no tune at all"
Moray uses a standard tune - for me, his treatment of it totally destroys it as a communicator of the story. Personally I've never found his handling of any folk song I've heard particularly inspiring.
Put in the mouth of a singer who understands the ballad - try Terry Yarnell or Dennis Turner (both have recorded it at one time or another) and the starkness of the tune underlines the tragedy of the plot superbly.
The same goes for the two line tune MacColl used for Clerk Colville.
In the end it's down to a matter of personal taste, but I prefer the tune to deliver the words, not the other way round.
Lloyd was the first one I heard sing it; his (English) tune communicates sadness, as if recounted in retrospect, rather than immediate tragedy.
Jim Carroll