I'm a little surprised at seeing all the hate The Last Airbender is getting. I haven't seen the Twilight movies, so I can't comment on all the nominations for that one. But from the about 20 Razzie-considered movies I saw this season I actually felt that The Last Airbender was one of the less crappy ones. As mentioned by several others, I think Killers would have been more worthy in the Worst Picture category than that one.
I'm also disappointed that Benicio Del Toro didn't pick up what should have been a well deserved nomination for Worst Actor for The Wolfman. The movie was horrendous (worse than The Last Airbender, if you ask me), and he was all wrong for the part. Had he been nominated he would easily have been my pick for the Razzie "win" as well.
On the other hand I'm happy to see this award show's return to form by finally nominating a picture for worst something-or-other that has also been up for best something-or-other in one of the bigger award shows. I'm of course talking about Burlesque, which was up for Best Comedy or Musical at the Golden Globes getting a Worst Actress nod. It's been quite a few years since a movie was up for both Razzie and Oscar in the same year, but considering how the Globes often foreshadow what's coming in the Oscars it might happen again this year. That would be fun. :)