IMO, he traced a piece of John Byrne art and made significant changes to it.  So there's an original piece of JB art and a Tom Palmer piece based on JB art.

JB's pencils don't look quite finished.  Palmer really clarified some things I find confusing in the pencils--the shadowy armpit area above the board, for instance.  Also, the Surfer doesn't look very metallic/silvery in the original.  And my first impression of the face is that it's the Phantom--perhaps that's why Palmer reworked it.

This is definitely a collaborative piece--two great artists working together to create a great cover.  You don't hire Palmer just to trace.  The only possible objectionable thing for me here is the addition of the stomach muscles and chest detail--BUT even that can be excused/explained.  If, after finishing everything else, the stomach and the chest looked too empty, I might expect an embellisher like Palmer to fill it in in some way.

I mean--look at that piece!  It's a beautiful cover!  Strong and iconic pose and concept by Byrne, wonderful finishing and fleshing out by Palmer.

Even so, I wouldn't mind seeing what Terry Austin might have done with it.

I see in Palmer's inking the exact opposite. 

And, to me, just because Palmer didn't ink the original art doesn't change anything.  I don't see it as any different than how artist send scanned work in nowadays.

And keep in mind publishing is all about the finished product. The publisher ultimately isn't worried about a writer or artist's vision they're concerned with the final product.  And sometimes the editor's idea of how the product should turn out  causes for drastic (and sometimes ill-advised) changes.  (for instance the changes DC made to Jack Kirby's art in the 70's when he would draw superman in his style and they would have his face redrawn to stay on model.  Not all instances are this drastic, but the practice has been going on for years.

 Frankly,  and this is not a slam at his ability, I never bought anything by Tom Palmer just because he was the artist. I have bought many comics by JB that I never would have bought as a fan just because he drew the book.

RIGHT?! Even the corners are tiny little points with no rounding. Some serious attention to detail.

The penciled version stands out as 100% JB. 

There's always been something ethereal and lithe about a Byrne Silver Surfer (looking thru some random issues this morning, I can't find an instance of defined abs). The inked version loses that.

For purchasing purposes, I wouldn't consider the inked version a JB piece - but I'm glad to know someone has preserved the pencils.