Are the Bloggies a good idea or a really really bad idea?

There are a number of people out there who don’t like the Bloggies. A fair number of people didn’t like them last year either. Just as a matter of interest, I’d be really interested in hearing some of the reasons people think they’re a bad or ridiculous idea. Mail me with your opinions. I’m not saying I’ll reply to them all, but I might write something longer about some of the debate surrounding them later if I get some good comments.