By Ian Youngs
BBC News entertainment reporter at Alexandra Palace, London
Rock heroes Pink Floyd, The Who and New Order have been saluted by the music industry at a ceremony to induct them into the UK Music Hall of Fame.
The Prime Minister paid tribute to the Eurythmics
Posthumous places went to John Peel and Jimi Hendrix while Prime Minister Tony Blair led praise for the Eurythmics.
But Ozzy Osbourne, whose band Black Sabbath were also honoured, stole the show with a bottom-baring performance.
"That was a lot of fun," he said after mooning at the crowd which gave him a standing ovation at the London event.
Wednesday's show was the second annual Hall of Fame ceremony, after the likes of The Beatles, Madonna and U2 were honoured last year.
"Considering the amount of talent that comes out of this country, it should have been done 20 years ago," Osbourne said.
Black Sabbath were presented with their award by Queen guitarist Brian May, then Osbourne went on to moon at the Alexandra Palace crowd.
Pink Floyd were honoured after reforming at Live 8 in July.
"It's nice to be loved and for one's contribution to be recognised in some way," singer and guitarist Dave Gilmour said.
Ozzy Osbourne bared his backside to the crowd
"I suppose I agree that we have had an influence on modern popular music."
Gilmour accepted the award with drummer Nick Mason. Roger Waters was live on screen from Rome, where his opera Ca Ira is being staged.
The tensions between Gilmour and Waters rose to the surface when Gilmour thanked "all the passengers on this fabulous ride we've been on".
Waters responded: "I confess I've never felt like a passenger."
Gilmour played down suggestions of a further reunion, saying: "The Live 8 moment was a wonderful moment.
"But we've all moved on and there are lots of other things to be thrilled about these days."
Mason said there were "no plans" to get back together but he would like to do so.
If they did, it would probably be "for the same sort of reason" as Live 8, he said.
Peter Hook (left) and Bernard Sumner of New Order collected a gong
John Peel's honour was accepted by his wife, Sheila, after an introduction from Blur and Gorillaz frontman Damon Albarn.
"John Peel was somebody that we could all trust," Albarn said. "Throughout his life, he gave people a sense of a bigger world out there."
Steve Winwood and former Guns N' Roses guitarist Slash covered Jimi Hendrix songs while Alanis Morissette performed a tribute to Bob Dylan.
Jamie Cullum starred in an Aretha Franklin tribute and the Eurythmics performed a medley of their hits.
Mr Blair was seen in a video message to the Eurythmics, recalling hearing Sweet Dreams around the time he became an MP in 1983.
"It was just completely new, a different sound," he said. "They're two remarkable people - very talented, very original."
Ceremony organisers are considering building a real Hall of Fame attraction, possibly in the Millennium Dome.
"Meetings are happening at the top level and we hope to make an announcement shortly," a Hall of Fame spokesman said.
The ceremony will be screened on Channel 4 on Thursday.