American League
MVP
Anyone who can play for 4 different teams in one year, and not see a statistical dropoff definetely deserves some acclaim. The logistics of moving cross country three times over a few months alone would break lesser men. Because of this, some voters felt that Giambi couldn't be "most valuble" if 3 teams felt they could better themselves by getting rid of him. It is likely that the crowded field of candidates helped splinter the vote and secure the crown for Giambi.
Cy Young
When a pitcher leads his league in (deep breath): ERA (by 1.5 runs), Wins, Strikeouts (by about 60), Opp. Average, Opp. Slugging, HR/9, H/9, K/9 and CERA, he deserves to win the Cy Young and be worshipped by legions of fans. Pedro Martinez did, and he is. After an excellent 2002 (21-1, 2.47,no Cy Young), Pedro found another gear and dominated hitters across the OOBL. Seasons like this, is why Boston fans don't leave their seats when Pedro is on the mound.
Rookie of the Year
At the beginning of the year, Tampa OF Ryan Ludwick got all the ROY attention. Tampa management called him the "steal of free agency". However, by the end of the year it was fellow outfielder, Josh Hamilton who everyone was impressed with. Hamilton set team records for hits, at bats, and a rookie record for HR. The 22 year old kept his average over .300 for the season, and added the power that many expected as the year went on.
National League
MVP
The race for MVP this year was a tight one in the National League. Sammy Sosa, Brian Giles, Albert Pujols, and last year's ROY Jack Cust all had valid claims to the award. Giles got the nod despite not leading in any of the traditional MVP categories (avg, HR, RBI). Voters felt that his part in another great season for Arizona just could not be overlooked. Giles posted career numbers in nearly every category (games, AB, H, 2B, HR, RBI, etc) as he anchored the middle of the D-Back line-up.
Cy Young
After the retirement of the Big Unit, many felt Curt Schilling would see his numbers drop as he would bear more of the pitching burden. Well so much for predictions. Helped by the emergence of Miguel Batista and his own determination, Schilling has continued his brilliance. Over the last three years, he has a record of 68-19, has thrown over 800 innings, struck out over 800, and kept his ERA right around 3.00. Some feel that with another solid season or two Schilling could put his name in HOF consideration.
Rookie of the Year
A big reason the San Diego Padres were able to chase .500 this year was the play of rookie 3B Sean Burroughs. The highly touted hitter came in and made an immediate impact, leading the Padre regulars in atbats, average, hits and runs. Scouts feel that Burroughs will someday lead the league in hitting and should he continue to develop his power, possibly pick up some MVP hardware in the future