I had sort of an E.T.-obsession when I was a kid, so I had the narrated story on record, too. Strangely (considering how into E.T. I was), I had never even heard of the Michael Jackson record until recently. I also had this other record that I'm trying to get identified, though, and it quite possibly may have driven me batty.
Has anyone read the sequel, The Green Planet? It's by the same guy that novelized the movie. It's about E.T. going back to his home planet. Elliot is starting to grow up and forget him (shades of Neverland), and E.T. grows a giant turnip or something to use as a spaceship to go back home.