I like the dialogue Oscars opens up. It gets people talking about the art of film, which is always an important discussion to keep alive. And it gets movies that nobody's ever heard of into the public eye. Can't count the number of times I've heard, "I've never even HEARD of any of these." And most of the time, people have heard of them now.
It's not a useful way to determine THE BEST MOVIE. I don't think anything is. But it's a useful way to keep some integrity going amongst the Paul Blarts and Pixels of the world.