Here are the people I see as Best Actor front-runners:
Sean Penn - Mystic River
Bill Murray - Lost in Translation
Omar Sharif - Monsieur Ibrahim
Johnny Depp - Pirates of the Caribbean
and the last spot is probably up for grabs between folks like Russell Crowe, Tom Cruise, Viggo Mortensen, and Jack Nicholson.
Personally, I think this might be Penn's year though I'd love for it to be Depp's.
Best Director: Probably going to be between Peter Jackson, Clint Eastwood, and Tim Burton
Best Picture: Return of the King Vs. Mystic River. Typical Academy Award fodder/well acted drama Vs. culimination of the biggest fantasy trilogy ever. 6 to 1, half dozen to the other, IMO.........and yes, I'm totally biased on this one.