Every single February or March finds me on my couch, waiting for the Academy Awards pre-show to begin on my tv by direct. It's the only awards show where I'll watch people arrive, and that's because everyone is dressed in their best. I wouldn't watch the Grammy's just to see Christina Aguilera showing up in a tattered black rag, and even the Golden Globes isn't classy enough in terms of celebrity gowns. When people arrive at the Academy Awards, they arrive in style, with every woman competing with the next woman for the title of best dressed. Without that ostentatious flair, it simply wouldn't be the Oscars.
I've never tuned out when the actual awards started, either - not even when Steve Martin was hosting. Whether the Academy Awards are actually an indicator of the best actors, actresses, directors, and movies is meaningless - the point is that the people involved believe they're the Oscars are that important, and so anyone and everyone is on the edge of their seat. Even though I don't necessarily believe that winning an Oscar means something special, I'm still happy when the award goes where I thought it should go, and angry when it doesn't. The Academy Awards are an American cultural landmark, and the movie business would never be the same without them.