Factory was and is utterly great. Where else can you find the art, the style, the wit and the aesthetics of the philosopher and the football scally rolled into one? As ever it's pointless trying to debate whether it's over-rated or under-rated (by who?, how can you measure?). Of course it was obviously hit and miss at times, but it tried and succeeded to be something more than just a run of the mill record label, and that's important. The music was 90% spectacularly great - none of the other bands were as consistently brilliant as JD/NO, but many other artists had work which touched the same heights : Durutti Column (Obey The Time, Without Mercy), Stockhom Monsters (Alma Mater, various singles), Cath Carroll (England Made Me LP, The Mondays (Freaky Dancin'/The Egg, Bummed, Hallelujah,), Section 25 (From The Hip, Hilltop megamix), Swamp Children (So Hot LP, Boy 12"), ACR (everything really) great tracks from Shark Vegas, Quando Quango, The Wake, The Names, Crispy Ambulance, Northside, Marcel King, Cabaret Voltaire, The Distractions....and so on. All totally different, but bound together by the unique vision of Wilson, Saville and countless others. If only they could have been together enough to actually get some of these records in the shops, they would have been bloody perfect!
4AD - some very good music on there (Cocteaus, Throwing Muses, Pixies) but often too much style and not enough substance.