Yep - I agree... There are so many time-wasting awards all over the world that really don't say much about the winning agencies. In many cases there are only a few agencies entering the awards which doens't really say much does it.
Yes, Cannes is probably a good waste of money for many agencies but I would also like to highlight that while many of the entries are rather boring or perhaps more politely said, nothing new or ingenious, there are those that break the boundaries, most especaily in my opinion, awards in newer markets e.g. digital. If Cannes were only awards for TVC's then it wouldn't really be particularly exciting. Yes, very nice to watch a bunch of TVC's with budgets in the millions but really, is this as creative as we can get in 2008? What would people do for 4 days apart from party? - well, thats all many do anyway but...
I think the creativity within newer medias such as Digital is very interesting and even more interesting are the integrated ideas - and we aren't talking about so called 360 integration whereby the TVC points the user to the web address afterwards, but rather 'transmedia' ideas whereby the concept / story is integrated from the word go - each media/medium helps to tell the story and clearly this is where the term 'fully integrated' media should be heading - new outdoor ideas, direct / CRM, digital and so on. I think it will be another year or two before we really have these but there are still some great entries from leading agencies around the world that have begun this process in my opinion.