I thought it was a good movie, but not Oscar-worthy.
Predictions:
Best Picture - Avatar, possibly Up in the Air
Best Director - James Cameron
Best Actor - George Clooney
Best Actress - Meryl Streep, possibly Sandra Bullock
If the girl from Precious wins Best Actress, I will lose all respect for the Oscars. She played her role just fine, but the role didn't require acting - just standing with a blank stare, not talking for the whole movie. I also thought it was a pretty average movie that's just receiving a lot of attention due to what it's about.
Also if Cameron doesn't get Best Director, that would be the biggest joke in history, considering that movie is ALL about him directing - nobody even cares about the acting.