i think in my case, it is all subjective. as subjective as all the grad schools are out there. fame and financial success are secondary to me. i personally think that picking out a certain galleries from ny and see where these artists are coming from as the a gauging device is very inadequate and shot sighted ( don't get me wrong, i for once was also delusional enough to apply to these schools based on their fame and such. it is not a personal attack at all. i just want to point out the fact that the whole 'art schools feeding the art world' (vice versa) is so arbitrary and perhaps heavily money oriented.)
so to me what is good is what i think is good. does this answer your question? ( and yours too?)