Rewarding the faithful.
I've said before that the main value of awards ceremonies is that they allow for the possibility that some good films will get a new audience; and everybody likes prizes. The decadence and indulgence that seems to accompany the show - who cares who designed your dress? why are you dating so-and-so? is it anyone's business - I can do without; but it's hard to care about the movies without caring about the movie industry.
So, for anyone in the UK who's up late, anyone in the US who wants another commentary on the show on top of what they'll get on ABC, or in any other time zone with nothing better to do, Jett Loe and I will be live blogging the OSCARs over at www.thefilmtalk.com