Over the last 2-3 years I've become disenchanted with the Oscars. It used to be something I'd look forward to which would honor films that the odds were pretty good that I had seen them that year. It used to be a pretty classy affair as well.
For me (and call this nitpicky if you like), the first nail in the coffin was watching Joaquin Phoenix at the 2001 awards. He looked like he had just rolled out of bed and slapped on a suit while he was still asleep. He looked terrible and couldn't even be bothered to snug up his tie. Add to that the bored look on his face every time the camera cut to him in the audience, and that marked for me the beginning of the end.
Sure, the women still get dressed up and look glamorous (for the most part, although it seems to be more about "Who are you wearing?" than looking nice) as do most of the men, but then add to that the Michael Moore/Susan Sarandon/etc. political commentary, the "honoring" of films that are further and further from the mainstream and the mystery of how movies manage to win the awards for "Best Film" while the directors do not win "Best Director" (these movies are awesome despite directors' efforts to ruin them, it seems), and you've got a recipe for "no interest" from me.