Examiner: A major part of the success of the Oscars is its longevity. The first Academy Awards ceremony was in 1929, twenty years before the first Emmy and nearly thirty years before the first Grammy. What's more, since the Academy has been around for so long, it doesn't really have any competition in terms of legitimate awards for motion pictures. Slumdog Millionaire, for instance, will be referred to henceforth as the best picture of 2008, and it will be a fact, not because everyone will think that was the best movie of that year, but because that's what the Academy decided. If you ask a movie fan what the best picture of 1994, they will say Forrest Gump. The Oscars have an authority to them which is not matched by other awards.
So this is one problem with videogame awards. You've got awards by every gaming publication on the market, the Spike Video Game awards, the AIAA, G4's annual awards, and many others, and none have any inherent value over any of the others, except which you agree with more.