Alright, here are the nominees list, and I've bolded who I think should win. Couple of things to note:
1- I haven't seen all the movies
2- I might be voting off of second hand knowledge or previews or the like
3- Who I think SHOULD win may differ from who I think WILL win.

So here we are (feel free to discuss my choices or make your own, or discuss a movie on the list or one you think should have been on)

Best Motion Picture of the Year

* Babel
* The Departed
* Letters from Iwo Jima
* Little Miss Sunshine
* The Queen

Achievement in Directing

* Clint Eastwood for Letters from Iwo Jima
* Stephen Frears for The Queen
* Alejandro González Iñárritu for Babel
* Paul Greengrass for United 93
* Martin Scorsese for The Departed

Best Performance by an Actor in a Leading Role

* Leonardo DiCaprio for Blood Diamond
* Ryan Gosling for Half Nelson
* Peter O'Toole for Venus
* Will Smith for The Pursuit of Happyness
* Forest Whitaker for The Last King of Scotland

Best Performance by an Actress in a Leading Role

* Penélope Cruz for Volver
* Judi Dench for Notes on a Scandal
* Helen Mirren for The Queen
* Meryl Streep for The Devil Wears Prada
* Kate Winslet for Little Children

Best Performance by an Actor in a Supporting Role

* Alan Arkin for Little Miss Sunshine
* Jackie Earle Haley for Little Children
* Djimon Hounsou for Blood Diamond
* Eddie Murphy for Dreamgirls
* Mark Wahlberg for The Departed

Best Performance by an Actress in a Supporting Role

* Adriana Barraza for Babel
* Cate Blanchett for Notes on a Scandal
* Abigail Breslin for Little Miss Sunshine
* Jennifer Hudson for Dreamgirls
* Rinko Kikuchi for Babel

Best Animated Feature Film of the Year

* Cars
* Happy Feet
* Monster House

Best Foreign Language Film of the Year

* After the Wedding — Denmark
* Days of Glory — Algeria
* The Lives of Others — Germany
* Pan's Labyrinth — Mexico
* Water — Canada

Adapted Screenplay

* Borat: Cultural Learnings of America for Make Benefit Glorious Nation of Kazakhstan
* Children of Men
* The Departed
* Little Children
* Notes on a Scandal

Original Screenplay

* Babel
* Letters from Iwo Jima
* Little Miss Sunshine
* Pan's Labyrinth
* The Queen

Achievement in Art Direction

* Dreamgirls
* The Good Shepherd
* Pan's Labyrinth
* Pirates of the Caribbean: Dead Man's Chest
* The Prestige

Achievement in Cinematography

* The Black Dahlia
* Children of Men
* The Illusionist
* Pan's Labyrinth
* The Prestige
No idea

Achievement in Costume Design

* Curse of the Golden Flower
* The Devil Wears Prada
* Dreamgirls
* Marie Antoinette
* The Queen

Best Documentary Feature

* Deliver Us from Evil
* An Inconvenient Truth
* Iraq in Fragments
* Jesus Camp
* My Country, My Country
Iraq in Fragments and My Country, My Country look awesome too

Best Documentary Short Subject

* The Blood of Yingzhou District
* Recycled Life
* Rehearsing a Dream
* Two Hands
No Clue

Achievement in Film Editing

* Babel
* Blood Diamond
* Children of Men
* The Departed
* United 93

Achievement in Makeup

* Apocalypto
* Click
* Pan's Labyrinth

Achievement in Music Written for Motion Pictures (Original Score)

* Babel
* The Good German
* Notes on a Scandal
* Pan's Labyrinth
* The Queen

Achievement in Music Written for Motion Pictures (Original Song)

* "I Need to Wake Up" — An Inconvenient Truth
* "Our Town" — Cars
* "Listen" — Dreamgirls
* "Love You I Do" — Dreamgirls
* "Patience" — Dreamgirls

Best Animated Short Film

* The Danish Poet
* Lifted
* The Little Matchgirl
* Maestro
* No Time for Nuts

Best Live Action Short Film

* Binta and the Great Idea
* Helmer & Son
* One Too Many
* The Saviour
* West Bank Story

Achievement in Sound Editing

* Apocalypto
* Blood Diamond
* Flags of Our Fathers
* Letters from Iwo Jima
* Pirates of the Caribbean: Dead Man's Chest

Achievement in Sound Mixing

* Apocalypto
* Blood Diamond
* Dreamgirls
* Flags of Our Fathers
* Pirates of the Caribbean: Dead Man's Chest
What the hell is the difference between Editing and Mixing?

Achievement in Visual Effects

* Pirates of the Caribbean: Dead Man's Chest
* Poseidon
* Superman Returns

I'm excited to see how right-on you are with this after the Academy Awards are over... I wonder if Ellen will be a good host...

Going out on a limb here...

Would say Mixing means choosing what audio gets put into soundtracks for a cumulative effect where Editing is refining what you hear, when you hear it and how much of it you can hear... as determined by length and volume?

You could throw a base-line from a popular 80's song into the "mix" but have to edit out the voice or do voice-overs from the actor's spoken lines for a film? Or the sound of terrible tornado reverberating is precursor to a person waking from a dream to hear a nearby train roaring past?? The tornado noises could have been supplanted by thunder in the "mix", yet would require more editing for the same effect by drawing out the sound's play length and at slower speed?

Going out on an even farther limb...

Achievement in Cinematography

* The Black Dahlia
* Children of Men
* The Illusionist
* Pan's Labyrinth
* The Prestige

***Stuff to follow about the Oscars, if for whatever reason you don't want to know the results, don't read on***

I'll write a full comment on the Oscars tommorrow, but I wasn't that far off, looking quickly over what I said. I can't say I am disappointed in The Departed winning the Oscar for best picture, it would be my 2nd choice after Babel.

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Alright:
As I said, best motion picture wasn't a disappointment to me, Babel I thought was a little better, but The Departed was awesome.

Scorsese did deserve the Oscar, and I'm glad that was recognized.

Forest Whitaker, as I predicted, won for The Last King of Scotland. He did a wondeful job.

As I didn't 4/5 of the pictures that the women for best actress were in, I can't really say that much. From what I saw in the previews, The Queen does look interesting.

Alan Arkin was a surprise apparently. I didn't think it would be.

Not gonna comment on everything, but I was surprised and disappointed twice with An Inconvenient Truth. I was surprised it won best original song, but when I heard it compared to the others, yeah, not too disappointed. Disappointed that it won best documentary. From what I'd seen of the others, they where a lot better, not a power-point presentation. I imagine that one was voted in on popularity, not really quality. Not mad the Gore won the award, its something he honestly believes in, but yeah, it wasn't the best as far as I'm concerned.

What disappointed me was that Pan's Labyrinth didn't win Best Foreign Film. Although they did win so many other awards, so I guess it all evens out. I did love that movie, though, especially the multiple interpretations that can be made from the ending.

-IMP ;) :)

Yah, I was pissed Pan's Labyrinth didn't win either.