KG is a monster player, but it dpends a lot on your definition of "most valuable." His stats this year (24 ppg/13.9 rpg) are not -that- much improved over last year (23 ppg/13.4 rpg), but the Wolves did much better as a team. But what changed? They added Sprewell, Cassell, and Olawakandi. You -could- make the case that given that, Garnett wasn't even the most valuable player on his own team.
But I'm just playing Devil's Advocate. I have no problem with KG winning it.