I didn't watch. You?

Nope. Definitely a waste on a colossal scale. "DumbashellEarth" may be more appropriate.

I actually hit the channel but after 3 commercials I gave up for a movie

Watched about 5 minutes of it. Though it wasn't watched to the degree they had hoped, i still think it generated massive awareness and helped continue to spread the idea of global warming.

I never even heard about this...

It did wonders for the campaign against Stupid TV, though.

I think it was more of a way for older bands to get in the limelight once again. I can imagine their agents telling them to do Live Earth, then release a CD and go out on tour...