So I watched the show, and I actually enjoyed it. Maybe seeing Wayne's World made it better then it would, I'm not sure. Also, Johnny Depp won two awards and was actually there to accept, and he looked like his 21 Jump Street character. Oh yeah, Transformers won Movie of the year.
Enjoyed the Wayne's World bit, Adam Sandler's acceptance song, and a few other things here and there. I'll have to catch a rerun to watch the whole thing, though, as I was tired from work, forgot it was on, and only caught about 45 minutes of it.
I didn't watch it (Its been blocked by DirectTV), but just knowing TRANSFORMERS won movie of the year is comfort enough that the entire award show didn't go to a complete waste.