Without context, both are a little vague and don’t say much. The words ‘recognition’ and ‘literary status’ suggest that it has won some kind of awards, but otherwise aren’t very descriptive. Sample statements:
This book’s good reputation is undeserved in my opinion.
That this book was awarded the Nobel prize is a travesty.
This book is highly esteemed by many English professors, but generally hated by their students.
This book is receiving a lot of buzz, but I think it’s uninteresting and poorly written.