Can't really rank network TV, even the CW with cable, but anyways the biggest issue with the show is that it's a big advertisement. If they just ran all the awards back to back it would be a 30 minute show, but the rest is product placement. If it was 1995 again when cybermania was on the air it would be cool to watch previews of things coming out the next year, but not when the previews were posted online a few days before or everyone knows it's coming.
My problem with the VGA's is 90-95% of the people they have come there as guests look like people who know 0 about games, play 0 games, and don't give a crap about games, they're just coming either a) because the other award show didn't invite them, b) they want free red carpet/camera time, or c) they're attention whores and a+b as well.
Either fill the place up with people who actually care and actually have something to do with games (either as a hobby or as a job) or don't have the show at all, period. The only person in gaming that's ever been on tv that I trust worth a damn is Adam Sessler because the guy actually cares about games and isn't afraid to call BS on a publisher/developer while he's interviewing them. Everyone else on G4 and the majority of the VGA people can sod off as far as I'm concerned.