It's a nice thing. I was nominated for a Nebula back in the mists of prehistory, and my prize is that I get to drop that in conversation for the rest of my life every time I feel like attracting undue attention to myself for no good reason - as a deep-dyed narcissist, I find that very satisfying.
As you say, though, it lost. Not only WEAT lost to "Blink," so did all of the professional competition
in the category. There is no second place award and no consolation prize. As the old in-joke goes, "it's an honor just to be nominated."
OTOH, there's always the Golden Globes. Paging Ricky Gervais.
WEAT is the only Trek fan production I've seen that meets all of the minimal
standards of competence for a professional production across the board - everything. Some parts of it are quite good; the worst parts of it are good enough, IMAO, to actually be on television.
As much as I admire a lot of fan films there's not one besides WEAT I've seen that you can actually say that about - the best fall down in one area or another, and my personal bias is that it's most likely to be in the writing. DS9Sega has a good thread going about addressing a lot of the shortcomings in fan films that I believe is currently focusing really nicely on camera angles and editing.
I guess I should always qualify that by saying Trek
fan films, because I haven't seen a lot of the others - I hear real good things about Browncoat Redemption
, for instance, but missed my chance to buy a copy of that this weekend so I can't proffer an opinion.