Though like majority of other awards shows, it's another popularity contest and noticeable for celebrities to make bigger fools of themselves (more or less as usual).
Personally, they're OK, though should've been dropped by the late '90's since the network doesn't even focus on music anymore. Also their nominations have always been very hit & miss considering glaring omissions and and obivious favoritism the network had at the time. Also it's now mostly based on voting for several years now (yeah, "Viewers' Choice" dropped).

Favorite "Video of the Year" winners
close second: The Cars "You Might Think" (1984)
5. Dire Straits "Money For Nothing" (1986)
Early computer graphics featuring two department store workers moving appliances and featured the famous "MTV" logo (ironically, the song was about the anti-establishment). Honestly a-ha "Take On Me" has aged better, which was also nominated for 'Video of the Year' that year. (though won 6 awards itself and two more for another).
4. INXS "Need You Tonight/Mediate" (1988)
One of my favorites, which starts off with the cover of "Kick" coming to life with many photocopy images of the band. The "Mediate" portion payed homage to Bob Dylan's "Subterranean Homesick Blues". Good video, though mostly due to seeing it on '80's retrospects in the 1990's.
3. TLC "Waterfalls" (1995)
Great special effects, which the singers morphing was similar to "The Abyss", and an important message of avoiding crossing the wrong path.
2. Neil Young "This Note's For You" (1989)
Perhaps the only nomination/winner for a video from the awards that was banned due to product placements, which poked fun at celebrity endorsements from Michael Jackson, Whitney Houston, and the often spoofed Calvin Klein ads. While the song's OK, the video is among the funniest.
1. Peter Gabriel "Sledgehammer" (1987)
As of now, it hold the record of winning the most awards (9) in a single year. The creative stop motion clip was very innovative. Plus, there's probably weren't any videos with poultry dancing randomly.
As for performances, there's several from Madonna's infamous "
Like A Virgin" from 1984, Bon Jovi's acoustic rendition of "
Livin' On A Prayer/Wanted Dead Or Alive" in 1989, Paula Abdul
"Straight Up/Cold Hearted/Forever Your Girl" from 1989 and the Red Hot Chilli Peppers' "
Give It Away" from 1992.