I've not seen the film, but I would like to! - UPDATE: got it on rental from Lovefilm, and will be watching it soon, yay! - Stallone himself sings several of the other tracks, which is, ummm... interesting. It was hearing all the live versions of 'Annie's Back In Town' on various Tom concert boots that lead me to finally seek out the Paradise Alley OST. 'Annie's Back In Town' is a really great song, but the other Waits contribution to this OST, 'Meet Me In Paradise Alley', whilst okay, is a bit workaday, judged by Tom's own high standards.
I can't remember where I found the poster image, but the shot of Sly & Waits at left is from a scan of the back cover of the album, which I found at the fabulous Tom Waits Library, a brilliant Waits fan site run by Dutch dude Pieter Hartmans.