The thing to understand about Blogging "Awards" is that all of the benefit goes to the award giver and not the award getter. Why is this you ask?
See, when you post the graphic and link on your site you are providing a back link to the site that "gives" you the award. This was very popular in the late 90's when everyone won an award for something. All you had to do was nominate yourself and you were practically guaranteed to win an award.
By getting all of these back links the site that gave out the awards would gain tons of search juice and importance on the web.
I have decided to combat this practice by adding rel="nofollow" to these links.
I am tempted to pull down my earlier Blogger's Choice Awards article but instead I'm going to stick with the nofollow tag. Or I could just remove the links...