The latest award to be given to MK: Armageddon is the Best Fighting Game for PS2 for 2006, by IGN. Unfortunately, they didn't seem to have a category for Best Fighting Game for either the Xbox or Xbox 360 consoles. From the article:
Everything comes to an end at some time, and while some things go out gently, others go out with a fierce bang. Midway decided to literally bring the Mortal Kombat universe to a close with the release of Mortal Kombat: Armageddon, a massive compilation of almost fifteen years of storylines, characters and martial arts.

As a result, players have 62 classic characters to choose from, which is perhaps the largest number of fighters ever available in a MK game, or perhaps any brawler. Players that tire of the included characters can use the extremely deep Kreate-A-Fighter mode to make their own warriors, complete with ending bio. Armageddon also features a new diversionary mode with Motor Kombat and a newly redesigned Konquest mode that's inspired by the action based MK: Shaolin Monks. Oh yeah, did we mention newly redesigned finishing moves based on the player's skill instead of pre-canned animations? You'll never look at fatalities the same way again, especially once you figure out the best way to chain together eight or nine hit death combos.
Thanks go to MK Online forum/chat member for the tip on this update!