South-by-Southwest, the massive music industry bacchanal in Austin, is like a musical Rorschach blot. The annual festival is truly whatever you want it to be. A haven for hardcore bands or hip-hop stars. A land of electro all-nighters or afternoon acoustic jams. A showcase for up-and coming artists or over-the-hill legends. And a place where emo kids riot at noon; where drunken spring breakers and stoned music execs stagger down the woozily cacophonous streets; where Juliette Lewis poses on corners like a rock'n'roll harlot; where cooking mogul Rachel Ray parties with proto-punks the New York Dolls and indie heroes The Hold Steady; and where Woodstock-era hippie icon Wavy Gravy will totally steal your poolside sun-lounger. (That's bad karma, man!)

But the one thing that SXSW is for everybody involved is a place to accrue cool, the lone music industry commodity that's immune to digital piracy and great recessions. Though unknown indie acts comprise the majority of the 1900 bands on the four-day bill, the big guns came out blazing this year in hopes of establishing cred amongst the hundred-thousand hipsters, critics, bloggers and other assorted tastemakers. And one of the biggest was Kanye West, who dominated the festival's final night with his own "surprise" show and a second, actually surprising appearance at Perez Hilton's invite-only party.

But unlike Metallica on Friday, West was not hawking a Guitar Hero game. And unlike Jane's Addiction or Devo earlier in the week, West wasn't here to reassert relevance in advance of an original line-up reunion tour.

Kanye was actually here to do what the festival is about-introduce us to new artists. So his headlining slot at the Fader Fort unofficial day party was more like a mixtape, where he brought out the crew from his GOOD Music record label. The only problem was that most of them weren't good enough.

Kanye's very first signing was piano-playing crooner John Legend, a clear breakout star who instantly won over crowds with his virtuosity. He then hired Montreal's A-Trak, one of the world's most talented wax-spinners, to be his tour DJ. But his new acts are all over the map quality-wise. Kid Cudi is already on the rise with his hit "Day N Nite" (which he later performed in an unplanned, and unfortunately awkward, duet with electro-pop singer Little Boots at the Perez party) but rappers GLC and Consequence are so far only serviceable MCs while Fonzworth Bentley is little more than natty outfits. The spoken word guy offered only pretentious twaddle while the white soul singer Mr. Hudson was no Robin Thicke (who himself is no Justin Timberlake).

Their deficiencies were heightened when old-school star Common and R&B diva Erykah Badu came out for a short but electrifying set that whipped the thousands of fans into a frenzy, especially when Badu out-rhymed the boys in a blazing freestyle battle.

But West never let the newbies bore the audience for long, continually returning to the stage to drop some of his older hits. He then took over for with a set from his latest album 808s and Heartbreak which became much more powerful performed live as the crowd joined the auto-tuned crooner on "Heartless" and "Love Lockdown" while the Japanese taiko drums thundered out the beat. Earlier Fader had featured sets from Texas hip-hop legend Bun B, who wowed with usual commanding unhurried flow (and sported a t-shirt hinting the eloquent rapper might soon run for office), and New York rapper Jadakiss, who proved in advance of his new album, Kiss of Death, he still has the street scene on lock.

The all-day event established hip-hop as a powerful force at SXSW which was once seen as primarily an indie festival, and let Kanye and others spread the word beyond usual hip-hop or pop circles.

Another act using SXSW to reach beyond the commercial crowd was Solange Knowles, better known as Beyoncé's little sis. Her initial attempt at a pop career bombed so she reinvented herself as a throwback soul singer on her album Sol Angel and the Hadley Street Dreams-but has been struggling to be taken seriously.

"South-by-Southwest has been a great outlet," she told us. "The label doesn't know what to do with us. Radio doesn't know what to do with us. But you do!"

Then with a grin she jumped into the crowd, still singing, while band wailed on. Like Taylor Hanson's return earlier in the week as the lead singer for power-pop supergroup Tinted Windows, the 1am set should do wonders for her credibility

Of course, SXSW is also about establishing credibility for the music industry as a whole. With well over a hundred thousand people wandering around downtown Austin-and music of every imaginable genre blaring out of every imaginable, side street and rooftop-the festival provides incontrovertible proof of the music scene's strength in numbers.

Sure, the financial tumult and ever-sliding record sales won't be helping anyone's bottom line, be they major label or indie, but another awe-inspiring South-by has proven yet again that music is about much more than business.