The award show isn't that exciting. Unless you got a seat at one of the tables up front, it's not a good experience.
The expo that runs Thu-early Sat (AEE, adult entertainment expo) is worth experiencing. Get in line to meet some stars, run into random up and comers trying to make a name wandering the area. There's a toy section that not available to the public (boo!).
of course, the public and private after parties. If you're lucky, hanging around the HRH casino bars (or sometimes the circle bars at the strip casinos) you might get wind of one and get invited. The open after parties (with some cover usually) aren't special but it's nice to meet some people you've heard of (I'm a fan, I've jacked off...). The private ones tend to have interesting things going on. I recall a swingers one thrown by the Hedonism 2 people in one of the larger suites at HRH. One girl I went with wanted to suck and fuck Ron Jeremy... (oh my!).