I stopped watching Prime Time television a couple of years ago and haven't missed it at all! Shannon has been trying to get me to watch Big Bang Theory (she bought the DVD's) but I would much rather read!
As far as awards shows go, it seems to me that Hollywood (and the entertainment industry in general) is narcissistic enough without having to pat themselves on the back with all the multitudes of awards shows they've concocted. I agree with you VCat, there must be something going on behind the scenes that we, the general populace, are missing!
After re-reading this post before submitting it, I sound a little cynical.