This show is popular not because of the awards but because of the exclusive announcements that occur there. Last year we saw the reveal of Arkham City (then called Arkham Asylum 2), True Crime: Hong Kong, Star Wars: Force Unleased 2, Prince of Persia: The Forgotten Sands, Crackdown 2, Medal of Honor, and a few others. We saw about 11 games announced and saw the first bit of footage of Halo Reach. So even if you don't care about the awards, it wouldn't hurt to tune in to see all the new announcements.
So far we know that this year we'll be learning the identity of the new Bioware game seen in http://www.spike.com/video/vga-planet-teaser/3499776, and http://www.gameinformer.com/b/news/archive/2010/12/04/murder-your-maker-confirms-prototype-sequel.aspx (which is almost certainly Prototype 2). We'll also be getting a new trailer for Resistance 3. There will surely be many other announcements as well.
The VGAs are happening now:
Live stream:
http://www.boxlive.tv/channels/spiketv
Live blog:
http://www.joystiq.com/2010/12/11/spike-vgas-2010-the-liveblog/?sort=newest&refresh=60
Announcements made: