An immediate flaw in the idea of celebrities lies in the word "celebrity" itself. It would appear that whoever coined the term "celebrity" assumed that celebrity culture was something worth... celebrating.  Now, of the many exceptional qualities we find in human beings, talent is definitely worth celebrating, as is intelligence, and beauty (internal and external).  But peculiarly enough, celebrating celebrities isn't celebrating any of those things. 

Celebrating celebrities is, in fact, glorifying our society's rigorous ideals and expectations, looking at everyday people as if they are something more -- gods, or something like them -- something to idolize, to follow fervently (until they love you).  Celebrities aren't people; they're the media's skewed projections of people.  It's as if everyday professionals -- actors, musicians, models -- are given some sort of new identity, one that exaggerates them to the point where they cannot possibly be real.  And herein lies the dilemma, for if they don't appear real, but they do exist, surely they must be something to look upon with awe or reverence?  The reason we celebrate celebrities is because some part of us fails to accept that these actors and musicians and models, etc... are human.

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other points:

1) Celebrity culture hurts both "us" (the everyday folk) and "them" (the people behind the masks/illusions).

2) If it's about movies, and top-of-the-chart albums, etc, then why aren't the directors, producers, etc idolized to such an extent as well?  (Answer: they aren't the "face" of the industry, even though they should be getting just as much, if not more credit.)

3) If you've gotta throw your panties at someone, throw 'em at the people revolutionizing healthcare and keeping us alive! Or the mathematicians! Someone, notice the mathematicians!...

4) I'm bad at making lists. Carry on...