In what's turned out to be a less interesting collaboration than you'd think, the two singer-songwriters got together to produce a track about embarking on a new-found relationship. And sadly, there's no dubstep this time.
We'd sort of hoped that maybe Sheeran would be able to coax Swift away from the subject of love - seriously, does she write about anything else? - but instead 'Everything Has Changed' is a sickly-sweet duet with a strong acoustic sound.
It's not certain whether the final version is going to sound as stripped back as this one, which is widely believed to be a recording of an acoustic jam session, but we're willing to bet it'll sound somewhat similar.
The chorus features the lyrics: "All I know is we said hello, and your eyes looked like coming home. All I know is you said my name, and everything has changed.
"All I know is you held the door. You'll be mine and I'll be yours. All I know since yesterday is - everything has changed."
Ed Sheeran: apparently Taylor Swift's favourite British 'thing'.
Still, Swift seems more than happy with the track, calling it "really cool".
"We were just talking about the feeling of when you first meet someone and all of a sudden the way that the world looks to you changes," Swift said. "Like everything looks different to you because of this one person, because one new person came into your life. It's really cool."
She was similarly effusive about Sheeran, telling Marie Claire at the Brits: "My favourite British thing is Ed Sheeran, I listen to him non stop. He’s an amazingly cool person and I get to call him a friend."
Take a listen to the song below to see what you think:
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