Here's what Paul Stanley wrote in his memoir about the Stooges NYC 12/31/73 gig:
When it was time for the Stooges to play, the band took the stage and started playing - without Iggy. Crew members had to carry Iggy down a flight of steps, drag him to the side of the stage, prop him up behind the curtains dangling there beside the stage, and then basically throw him onstage. Iggy could barely stand up, much less walk or jump.I suddenly realized why he did all those crazy contortions. Despite all the hype and legend, I thought the Stooges were awful.
Now it should be noted that the New York Dolls also thought in 1973 that KISS were awful. Yet a few years later one band was on the dole, the other in limousines. Now I'm not saying this proves anything only that contemporary bands are generally not very kind to each other.
But "Wet My Bed" was truly awful, while "I Got Nothin" was actually quite good. The other songs were borderline passable. But given Iggy's state of mind at this show it could have been soooo much worse. But being the consummate performer he is, he held it together somehow and gave a credible performance.
One of the lingering myths about the Stooges Academy Of Music show was that it was professionally recorded. But a number of years ago in this forum Stooges curator Robert Matheu poured cold water on this idea. He noted that the Stooges had already been dropped by Columbia Records at this time and thus would have no reason to have recorded them. Plus he also claimed to have spoken to the manager of Blue Oyster Cult (who were recorded) who was adamant that the Stooges had not been recorded that night. Personally I'm happy with the audience recording which is fine quality and a lot better than the KISS recording of that same night.
But give Iggy credit. He rebounded nicely on the Bimbos gig a week or so later. I recently revisited the Heavy Liquid box set and was quite impressed. All the CDs are at least decent sounding and a lot of the material is previously unreleased. All in all a very good set.