I didn't go myself but I wanted to share the feedback that a friend of mine gave. She participated in one of the costume contests and won a prize. She was really excited about it... until she was told she had to be at the Masquerade to accept the prize. Our group has always skipped the Masquerade because it's not our thing and my friend was very bummed to hear that she had to go to it, especially because it meant she missed something else she had really wanted to see that evening. She said that, besides the very talented dance numbers, she was really bored and would have rather just gotten her award at the office.
We have no idea if presenting the costume awards at Masquerades are done at all cons (it's only the second time she's entered in a contest and the first time she's won) but if there's any possibility to skip presenting them at the Masquerade, I know she would be very appreciative.