Home Run Derby: The Best All-Star Event?

I love the home run derby. I love it because I've loved it since I've been a kid. I love it because I love hitting home runs in video games. I love it because I can catch better than 90 percent of the kids in the outfield. I even love it because of how much announcers like Chris Berman try to sell their excitement.
There's also more strategy that goes into it that people think. They don't just go up there and try to hit it as far as they can. But is it the best All-Star even of all the major sports? I say no. The following are my top 3.

3) NBA Slam Dunk Competition. This is the hardest event to come to a conclusion on. One year it can the best of the All-Star festivities, and another year one of the worst. It seems like it goes in cycles. Every five years or so, a new young guy comes in with a great enthusiasm for the competition and brings a unique approach and flair to it. Think Vince Carter and Dwight Howard for modern examples.
Here's the problems with the slam dunk competition:
1) The aforementioned lack of quality for a few years. Tyrus Thomas personifies this when he stated that he was going to do some random dunks and collect his check. Unfortunately, the dunk contest creates that kind of atmosphere. Think about the home run derby for instance. A guy can't just go up there and mess around. He'll hit zero home runs and embarrass himself. But in the dunk contest it's more accepted to miss if you're trying something crazy. Bringing me to my next point...
2) There's two many missed dunks. In a perfect world, the player could execute the dunk on the first try and they'd be done with it. But when they start getting into attempting the same dunk over and over for two minutes it becomes corny and the competition loses its luster.

2) MLB Home Run Derby. What I love about the derby is how it incorporates the non-players into the competition. Non-players are involved in the home run derby more than any other All-Star event, making it difficult to argue that it isn't the most fan friendly. Firstly, you have a bunch of kids in the outfield shagging fly balls, which is a really cool and unique way of making the fans part of the game.
We also can't forget that the point of the competition is to hit balls to the fans in the stands. Watch the home run derby and you'll see grown men trying as hard as a little kid to get a home run ball.
And third, the participating players and other All Stars watching have their kids out there with them. You can't do that in any of the other sports, so I applaud an event that is suited to make that happen.

1) NBA Three Point Shootout. I realize I'm in the minority with this selection, but hear me out. The skills in this display are the most similar to ones that would be displayed in an actual game. Think about it, NBA players aren't jumping from the free throw line with a cape on to dunk the ball during a game. Big league hitters aren't hitting 70 mph straight fastballs over the fence. But NBA players are forced to make wide open three pointers, often with a quick release.
Maybe I'm biased, but to me, it's much more exciting to see a shooter rattle off seven straight threes than seven straight home runs. The three point shootout also adds the extra excitement of the final ball being worth twice as many points, instead of more money for charity. Not that I'm against more money for charity, or anything.
But here's the deciding factor: time. The three point shootout goes quickly. There's only two rounds, a time limit, and six players, so you avoid these Corey Hart situations where he's sitting around for an hour and a half. No awkward A-Rod conversations or Will Ferrell cameos needed. Short and sweet, just as an All-Star event should be.