They're going to rerun the hell out of it.
But seriously, you didn't miss a thing. Quite possibly the WORST two hours of television I've ever watched. I kept watching because it's just a trainwreck that I couldn't look away from.
Most of the trailers and teasers sucked. A good majority showed canned CG footage. Some great games were announced: Mass Effect 3, Elder Scrolls 5 Skyrim, Forza 4, Uncharted 3, etc. But, if you watched the VGAs to see any actual gameplay footage... well you wasted your time.
Do yourself a favor and skip watching it and just go to gametrailers.com and watch the "trailers" there.