The biggest problem I see is they're trying to emulate the MTV Movie Awards and failing miserably. (Not saying that particular awards show is good or bad; haven't watched it in years, so I have no way of knowing if the quality has tanked.)
NPH is a fairly funny guy. I like him a great deal. Was he the right choice for this particular gig? Perhaps, perhaps not. I found him entertaining. The writing? Much less so. Eliza Dushku was just about the only presenter (besides NPH himself) who "nailed it," and that wasn't until the end of the bloody show. Really, Spike?
The formula they had back in 2006/2007 worked really well for them. It wasn't perfect, but it was pretty solid. They need to revert back to that and get away from this hodge-podge of styles they had going this year.