Are the Grammy's becoming irrelevant?

It seems to me the Grammy's have never recovered from the introduction of the MTV Music Awards. The MTV Music Awards came out of the gate with two objectives:

1. To modernize the format of music awards and shock the audience.
2. Provide a new stage for Rappers and Hip-Hop music.

This was a combination that became highly successful for MTV. At first the Grammy's tried to remain above the fray and put on a classy show, however over time to compete they've became just another MTV type music award. Which leads to the question - are the Grammy's still relevant? Do you look forward to watching the show every year and if so; why?