Every year, television gets all its stars together and honours itself. It's fun to watch, and see who'll win and who'll lose; who'll wear great gowns and who'll look hideous.
The hosts are sometimes good and sometimes not so good. This year's host, Conan O'Brien was good, and did some funny skits before the presenting started. That helped the show, which can otherwise be a little boring; just reading lists of names, and then having the stars come up and thank God, their parents, their agents, their cast, crew and so forth can be deadly dull. So the skits and anything else that the host can do to liven things up is very helpful.
Otherwise, it's pretty much about seeing what people are wearing, and hoping for some goof-ups. They don't always happen, but sometimes people say funny things. Other times, they wear funny clothes. Sometimes the awards go to the show or person that everyone expected, other times it's a surprise... and that's what makes the Emmys worth watching.