After living with this one for a while, I'm going to go against the prevailing sentiment here: I like this a lot. Sure, Peterik is a fashion twatwaffle and the lyrics are trite, but damn, Scherer can sing.
Aurally, this hits all of the sweet spots.
P.S. I think that Scherer would be a perfect vocal replacement for Dennis DeYoung in Styx... very similar characteristics.