What do you think of Spike's VGAs?

Numerous gaming publications have been awarding videogames various awards - GOTY, best shooter, etc etc - for many years now. There has never really been a definitive must have award in the gaming industry that is akin to cinema's Oscars or music's Grammys. The actual game of the year is just which ever game gets most GOTY awards from reputable publications. Over the last few years though Spike has been making a big push to make their awards the award for videogames.

What do you think? Do you want videogames to have 1 big set of awards that everyone covets? Or do you prefer the status quo where every gaming website gives out gaming awards?

Personally, I kind of like how there are so many different awards, so I don't think of the VGAs as the be all end all of gaming awards, but I don't really care if they make a big show out of theirs either.