I actually got accepted last year and went to their "ARTSWeek" in Miami, fully paid, blah blah. Incredible experience, very fun, learned some cool stuff, met some great people, and had a fantastic time. The thing is put together so well it's astonishing. What blew my mind was the $2 million dollar gala they have the last day you're there, just for the ARTS winners, it's this HUGE ballroom type event built just for that one night that is just jaw dropping.
I also got to meet the former head/president of Sundance (who is now running the Miami Film Festival), and had the film which they chose of mine (Fallen) screened in front of a huge audience that included the famed dancer Mikhail Baryshnikov (that guy in Sex in the City).
In addition, they have your work screened in this amazing museum where all the people who made donations go to view your work among the photography winners, painters, sculpters, etc.
So basically, it was one of the coolest experiences ever that gave me a lot of contacts.
Now I can't defend what some of the winners have gone on to do (I only got a Level II award, $1500, and a Presidential Scholar nomination but didn't win it), but I must say, tool or not, hell I'm sure many people think I'm a huge tool, but whatever you think, it's one helluva experience that I will always remember.
We can't stop here, it's bat country!