The Boston Globe has an interesting article on pianist/composer Frederic Rzewski.
Note the tension between Mr. Rzewski's institutional acceptance (he's being feted by the New England Conservatory) and his wry attitude towards the state of such institutions. It's a good, if uncomfortable, position for an artist to be in. I think the way the artist handles it will go a long way towards determining the quality of the work after the acceptance. That is, does the artist get comfortable (or worse) or does s/he take it in stride and continue making the art they would have made without the institutional imprimatur?