No, I saw the commercials and decided beforehand to stay as far from that abomination as possible. It actually made me to annoyed to think on the subject for more than a few moments, so I doubt I could have consciously sat through it.
But, I hear you. My first thoughts were, and still are, "who the hell is Spike to host a video game awards ceremony"? It was a bunch of celebrities and people who have nothing really to do with video games and know nothing more than what is advertised on tv. I admit I didn't watch the program, but I got the feel that there were no "true" gamers involved, there probably wasn't a wide range of game companies. PRetty much, a video game show made by people who can define video game as "that thing I played that one time". Yeah, it seemed lame....really lame.
I figure, if anyone should do a video game awards show, it should be G4.