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I'm pretty knowledgable about music theory, but probably not as knowledgable as anyone who's played piano for 5-10 years. I pick it up everywhere I can and can hold my own in a conversation about anything related. I understand rhythm and chord structure and intervals and whatnot, but not in a lot of depth. I like it; it's fun for me.
But as far as it affecting the art, it depends. I have no problem with bands that aren't theory-savy, but certain artists would lose me if I thought they didn't have an idea of what they were doing.
The appeal for artists like Haino, Branca, Jandek, etc., to me, depends on the fact that they actually know what they're doing. If a guy picks up a guitar for the first time and wails on it like Branca, or plays a Jandek chord, I can't appreciate it as art no matter how sincerely it's done. But if I know that those guys are aware of what they're doing and put a genuine amount of work into their art (though after this many years, all three have paid their dues regardless), then I can appreciate it.
Sonic Youth took an interesting route, where I don't think they ever took theory into account at all. But they've gotten around it and put real heart into their work, so it's impossible to write off. They are talented, and they know what they're doing--even without theory.
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