The Homerun derby is a cash cow for ESPN. They started broadcasting the event in 1993 and in 1998 they started doing them live. Past winners have included this guy, this guy and this guy (thats right, Wally Joyner made it to Migames).
The point is that the Homerun derby is stupid. And while people think its the bomb, must I remind you of the 3 point shoot out or the slam dunk contest at the NBA allstar game. You might remember this but not this, or this and not this.
So dont watch. Stay home and read a book.