I've been going crazy on Oscar screeners and in the past 4 days I've watched the following
Frost/Nixon
Milk
Gran Torino
Doubt
All 4 are phenomenal movies, and as much as I loathe Gus Van Sant, Milk is far and away the best of those movies I have seen. I don't think it's going to win Best Picture, but Sean Penn should win, Van Sant should win, and it should win Best Adapted Screenplay.
Gran Torino was great, too, and how it didn't get nominated for anything is beyond me.
Frost/Nixon was pretty good, although if Penn doesn't win Best Actor, Frank Langella should because he was a TREMENDOUS Nixon, and he's really the reason to see this movie.
Doubt wasn't that great of a story, but holy cow were those performances great. I would like to see Hoffman win for this, even though he won't, because he was great. The scene with him and Streep near the end of the film should in and of itself net these two Oscars, but only Streep is getting one. Amy Adams deserves one, too. Great acting.