According to which films won Best Picture, and which films were nominated:
The Lord of the Rings: The Return of the King is a better film than
Lost in TranslationGladiator is a better film than
Traffic
Shakespeare in Love is a better film than
Elizabeth
Shakespeare in Love is a better film than
Life Is BeautifulShakespeare in Love is a better film than
Saving Private RyanShakespeare in Love is a better film than
The Thin Red LineTitanic is a better film than
L.A. Confidential
The English Patient is a better film than
Fargo
Forrest Gump is a better film than
Pulp Fiction
Dances with Wolves is a better film than
Goodfellas
That's only going back as far as 1990, and doesn't include the films that weren't even nominated (obviously the American establishment didn't go anywhere near
Fight Club). Not to mention the travesties in the acting categories (I
wish the name Helen Hunt was just rhyming slang).
And, looking at this year's most talked about nomination, don't get me wrong, I think that Heath Ledger's performance as The Joker was absolutely superb and deserving of recognition. But, does anyone really believe that he'd be the short-priced favourite for Best Supporting Actor for his performance as a comic book villain if he hadn't so tragically lost his life?
Saying that voting in the Academy Awards is "all political" is putting it mildly. Both self-congratulatory and deeply flawed, the Oscars measure neither a film's popularity, nor its artistic merit. Enjoy the party, Hollywood, but don't think it's any more than that.