Unsigned Bands Vs Signed Bands

I was always of the thinking that all unsigned bands were c##p as if they were any good then they would have been snapped up by one of the major labels....

However, surely not all good bands can get signed can they?? Or is it subjective and a matter of opinion was to what is good and what is not??

Or is it a business decision?? Joy Division made very little money whilst they were going yet x-factor winners can rake in millions singing other peoples songs...

Do labels solely think about the return they are going to get??

The reason for this is I saw a band 2 weeks ago at 12 bar club on Denmark street and was blown away....

They are called Here Come The Brave.... (www.myspace.com/herecomethebrave)

I am now a convert....

Anyone else know any good unsigned bands / or have an opinion on the signed vs unsigned debate..