That is (was), essentially, the loveLife approach to HIV prevention. They have mixed success with it. Look at their CDs etc, getting Christos and Vin involved etc. They're not corporate but they definitely fit the approach. They're selling values not product but doing a really similar thing.
I think it has mixed benefits. And sorry to be boring but there's a huge difference between sponsorship and partnership too. Both have risks and benefits. I think partnerships are cool if both sides are benefitting and there's respect given to identity, freedom, needs etc both ways. The worst are those "rock for the exposure" things so many people do and those partnerships are shit. Imagine doing shows for three days (for a multinational) and copping under $1000 towards a shoot. f*** in the US you wouldn't even cover your tape costs, no lie.
Sponsorships are cool if they're strings free and/or mutually beneficial. I don't want to rep your woolworths gear thank you and you giving it to me is not going to make me adapt my image- know what I mean. If you want to give me monitors and soundproofing, cover studio time, help me with marketing and distribution coz you need to fill some portfolio and you dig my shit- no problem.
I could go on. That is just the micro level. I'm sure we'll hear some more opinions in the meantime but yah, it's happening and if you're wise you can make a lot of it. Corporations/organisations/entities also have access to CSI platforms which, often, help artists in terms of exposure and community access on a more national scale.
You can also completely f***in sell the f*** out, lose credibility with your people and ultimately the corporation/organisation/entity that you thought was helping you out.