UnBeige, mediabistro.com's design blog, surveys the range of hideous award statuettes, and cites a recent Radar article that singles out the British Book Awards, known as the "Nibbies," and the Edgars, presented annually by the Mystery Writers of America. Anybody else got any other suggestions?
The coolest award statuette ever, as far as I know, remains, the 2007 Hugo.
UPDATE: Andrew Wheeler introduces us to the "eyeball-destroying" World Fantasy Award, a bust of H.P. Lovecraft created by Gahan Wilson. And another reader passed along a link to Tayari Jones's description of the Hurston/Wright Award reception, complete with a photo of the statuette—which, I'll admit, looks more like an action figure of an ibis-headed Egyptian god than a literary prize, but I don't know that I'd call it ugly...