There are two whole hours left when the boring bits are taken out?
Amazing, isn't it? I like to watch the host, in case he/she says something funny. And I'll watch the presentation of the major awards. Technical awards, on the other hand -- I zip right past them. I just can't get too worked up about best sound editing or costume design. Also, I fast forward through the performance of the best song nominees (if they're any good, I've already heard them; if they're not, then I don't want to hear them). I will watch at least the beginning of the acceptance speeches, but when they start thanking their agents, I hit the FF button.