Forced by the writer's strike to cancel the televised extravaganza Hollywood Foreign Press Association President Jorge Camara is quoted as saying he is "very disappointed" that "millions of viewers worldwide will be deprived of seeing many of their favorite stars celebrating 2007's outstanding achievements in motion pictures and television."
Given how a whole lot of television nowadays is given over to watching celebrities celebrating (and getting arrested as a result,) it's good to take a break.
A prof in my journalism classes always pointed out that that the real product in television is not the programming by the audience which can be sold to advertisers. In recent years all the awards shows have become less about the films and more about about glitz and one-liners.
So now we have a press conference, with people reading categories, nominees and winners, talking about the films.