The academy was doing well for awhile but started to get off course somewhat in the late 90s.
It seemed to start in 1994 when Forrest Gump won after destroying the Box office. While this was a great film it started a trend of rewarding commercially successful films rather than the best film.
1995 Bravehart won over Apollo 13, Babe, Il Postoino and Sense and Sensebility. Any of the other nominees were a better choice.
1996 English Patient. Best picture IMO was Trainspottoing which was not even nominated.
1997 Titanic beats As Good as it Gets. Here is where I lost all respect. Somehow the movie that wins Best Actor and Best Actress, as well as having IMO the Best Supporting Actor is dissed in favor of $600 million in box office. This is the worst Oscar rip off in decades.
1998 Shakespeare in Love. The academy seems to be trying to make up for the Titanic fiasco. Nothing realy stands out but all five nominies are good.
1999 American Beauty. Finally I trulely deserving movie.
2000 Gladiator. We are back to box office. This beats out Crouching Tiger, Hiden Dragon? I guess once again the accademy shows that if your film is not in English you can forget it.
2001 A Beatiful Mind. Not sure here but FotR was far better, but was its loss because it was fantasy or part 1 of a trilogy I'm not sure. Maybe it was once again trying to make up for the previous years choice.
2002 Chicago. I this case I agree TTT was not deserving, but nothing last year really jumped out at all. Overall a weak movie year.
2003? We shall see. I will wait to see RotK before deciding if it is deserving. Even if not the Academy is sometimes willing to make things up later and this is thier last chance for LotR. I will wait to see what is nominated before jumping the gun.