I am photographer, not a painter, but I have had the same thoughts about how some people are accepted into programs such as Yale, SAIC, and RISD for photography. With Yale, for example, it seems like many of the artists they choose take a very traditional approach to photography, but put a fresh conceptual or personal spin on it with their statement. Almost none of the photo work from the students at Yale seems "visually" new or experimental. So what I think it ultimately comes down to are the originality of the "ideas" behind the work in combination with a strong or consistent visual style. I also think they try to fill the program with as many diverse viewpoints as possible (so maybe with painting at Columbia they had to fit an abstract painter that is about physicality in the mix).
I am not sure if that answers your question, but that is my take on it.