For what it is worth, HSX.com is currently betting on the following movies, in this order, for the oscars:
1. Chicago $12.15
2. The Hours $11.37
3. About Schmidt $10.59
4. The Lord of the Rings: The Two Towers $9.94
5. Gangs of New York $9.81
6. Adaptation $4.09
7. The Pianist $6.56
8. My Big Fat Greek Wedding $1.49
9. Far From Heaven $1.49
10. Road to Perdition $1.10
11. Antwone Fisher $0.58
12. Talk to Her $0.45
13. The Quiet American $0.32
So, here is my take on it (if you care):
Personally, I think Chicago will not win best picture. They already turned down a better musical last year, and ignored the director. Not gonna happen this time around either, though it is being pushed by the studio right now.
The Hours is a fine film, and being pushed very VERY heavily here in Los Angeles right now on radio and television ads. Gloria Steinem is leading the charge with opinion pieces in newspapers and free showings to influential folks. Personally, I don't think it is the best picture - but it IS a safe bet for the Academy. Sometimes, the Academy likes the safe bet, as other votes are split between several more controversial films. Certainly if "Most-Whored-Out-For-The-Oscars Movie Of The Year" were a category, this one would take it hands down.
About Schmidt I have not seen, and don't have a read on it yet.
Gangs of New York I also have not seen, but know many people who have. All of them say it is a good film, but not fantastic. It, like The Hours, is being pimped heavily by the studio on radio and television right now. Could take it, but I hope not.
Adaptation is a great film, but also difficult to digest (not in a disturbing way however). It also has a huge portion that is intentionally boring - and very effective for the end but still boring while you are watching it. This one could sneak in lots of awards, and could also get totally ignored. I doubt it will get the nomination for best picture, much less win it.
The Pianist is being pimped heavy right now, but nobody wants to SEE the movie is the problem. I mean, we know how it ends, and similar subject matter has already taken the oscars before. I doubt this will take the key categories, but it might sneak in to best director.
The rest are serious long shots, though I personally loved both My Big Fat Greek Wedding (which should win something), and Road to Perdition (which will probably not get the attention I feel it deserves, but then I am biased because I love good movies based on good comic books). I can't speak to the rest, having not seen them or heard much about them.
I doubt Spiderman or Attack of the Clones will get much. Catch Me If You Can, Frida, Punch Drunk Love, Real Women Have Curves, and Minority Report might sneak some things in (all of which I also liked). There is a bit of buzz around Jennifer Aniston in The Good Girl, and she was pretty good in that film. Can't think of anything else off hand.
Of course, my true desire is to see The Two Towers sweep...it won't happen, but I can hope!