As someone who has undertaken the running of an awards thing twice in the past (once while the board was still on AOL!) I think I can speak from some experience when I say… it’s probably not a good idea.
A lot of people think they are fun, true. However even if you run an all-positive set of awards, it will cause hurt feelings. It will cause infighting. It will bring untold grief to the person organizing it (and I speak here from intimate knowledge)… all in all it just isn’t worth the hassle. Just by organizing such a thing you put yourself in a position as some sort of judge, and people resent you for it. (In my awards, it was all based on voting, but I got this anyway) You will also be targeted by people who think that awards in general are bad. You will harvest a whole lot of negative energy, and in the end, no one really remembers the awards anyway.
This thread is just meant as an explanation of my views, since in the last couple of weeks an award thing has been brought up at least twice, and I feel obligated to at least pass on what I’ve learned to those who would undertake such a task.