One thing it has already produced is a "hot spot" of talented musicians. It has given a number of young people the exposure which has allowed them to get a regular income as performers. It has allowed them to play music together in combinations which would otherwise not have happened.
Something similar was already starting to happen as a consequence of the Folkworks initiative, but the Degree course has intensified the process.
What effect this process will eventually have we can only guess, but it is certainly one to watch.
Quack!
GtD.