One way that McCay's animation legacy is honored is the annual bestowing of ASIFA-Hollywood's Winsor McCay Award. It "stands as one of the highest honors given to an individual in the animation industry in recognition for career contributions to the art of animation." It has been given out since 1972 and recipients of the honor include people like Walt Disney, Chuck Jones, both Hanna & Barbera, and Hayao Miyazaki.
The 2008 Winsor McCay Award winners were announced last night at Comic Con. The three newest folks to join an amazing list of recipients are:
John Lasseter (Toy Story)
Nick Park (Wallace and Gromit)
and Mike Judge (King of the Hill)
For full information, check out the announcement here...