Well, the time has come again. That night when Hollywood stars wear their finest, and their worst (remember Cher's peacock-like outfit?), as they parade for their industry's most famous awards. The host this year won't be Billy Crystal, but at least his replacement, Steve Martin, should still be funny without having to resort to crude jokes (Whoopi, anyone?). Will there be long acceptance speeches and embarrassing dance numbers? Let's hope not, but the glittering night always throws up a surprise or two.

This year is probably one of the least interesting in Oscar history. None of the Best Picture nominees stand out, unlike previous years when titles like American Beauty, Saving Private Ryan, and Titanic were in the running.

As always, there are some Oscar contenders that still haven't been released in Australia as of the date of writing. While all the Best Picture participants have graced our screens, what about Pollock (with Best Actor hopeful Ed Harris) and You Can Count On Me (Laura Linney, nominated for Best Actress)?

Anyway, enough of my rant. Here are the nominees and my thoughts on the major categories. Let's just hope the ceremony doesn't go over 3 hours (wishful thinking, perhaps?).

Best Picture

Chocolat

Crouching Tiger, Hidden Dragon

Erin Brockovich

Gladiator

Traffic

Though this category seems wide-open, there seems to be a lot of support for Gladiator. Traffic and Erin Brockovich are the best films in this lot, with the edge going to Traffic, but the fact they're both directed by Steven Soderbergh means they may cancel each other out. Crouching Tiger should win the Foreign Film category, but it could be the surprise for Best Picture, too. It's a reflection of the quality of last year's films that a work like Chocolat (which, admittedly, I haven't seen) seems to have been derided for being nominated. Gladiator to win, followed by Crouching Tiger.

Best Actor

Javier Bardem, Before Night Falls

Russell Crowe, Gladiator

Tom Hanks, Cast Away

Ed Harris, Pollock

Geoffrey Rush, Quills

While I would like to think the contest is between Hanks and Rush, the fact they have won before (twice for Hanks) means they might miss out this time. Bardem is a bit of a surprise, and Harris, though having done Oscar-worthy work before (Apollo 13), is in a little-seen film. Crowe will probably ride on the Gladiator wave and win. He was good, but I think Hanks and Rush were better.

Best Actress

Joan Allen, The Contender

Juliette Binoche, Chocolat

Ellen Burstyn, Requiem For A Dream

Laura Linney, You Can Count On Me

Julia Roberts, Erin Brockovich

Julia seems to be the overwhelming favourite here. Not only was she great in Erin Brockovich, but she is one of the most popular stars in the world. Ellen Burstyn has been getting raves for her work in Requiem For A Dream, and could surprise. Binoche has already won before, and Linney has not had much exposure. Frequent contender Allen is nominated again, though I haven't seen The Contender yet (it's finally opening this week in Australia).

Jeff Bridges, The Contender

Willem Dafoe, Shadow Of The Vampire

Benicio Del Toro, Traffic

Albert Finney, Erin Brockovich

Joaquin Phoenix, Gladiator

It looks like sleepy-eyed Del Toro will win this category, following his win for the Golden Globes. He was good, but I thought Dafoe and Finney were better. I would be happy to see either of them win, Finney more so as a reward for lifetime achievement (as Hollywood frequently seems to do for a veteran actor). I haven't seen Bridges' performance, and Phoenix seems to have been nominated for the wrong film (he was adequate in Gladiator, but better in Quills).

Judi Dench, Chocolat

Marcia Gay Harden, Pollock

Kate Hudson, Almost Famous

Frances McDormand, Almost Famous

Julie Walters, Billy Elliot

Kate Hudson seems to be the favourite here, following her Golden Globe win. I thought McDormand was just as good, but she's in the same film as Hudson and she has won before (for Fargo). Dench will also be discounted because she won for her cameo role in Shakespeare In Love. Harden and Walters are long-shots.

Stephen Daldry, Billy Elliot

Ang Lee, Crouching Tiger, Hidden Dragon

Steven Soderbergh, Erin Brockovich

Ridley Scott, Gladiator

Steven Soderbergh, Traffic

The Directors Guild Award recently won by Ang Lee has thrown a spanner into Oscar predictions for this category. The DGA has always been one of the most reliable pointers for Oscar success, so it will be interesting to see if the Academy also votes for the Taiwan-born director. It's a pity Soderbergh has two nominations, because his votes may be split. A pity because, out of this list, he was the best director of last year. Scott will probably win, because he seems the safest and most popular choice (and Gladiator looks like it will win a few). Daldry is only there to make to make up the numbers.

Thoughts on other categories

I'm always interested to see which films are nominated for Best Visual Effects. This year it's Gladiator, Hollow Man and The Perfect Storm. While all three had computer-generated moments that impressed, I thought that Gladiator's colisseum scenes looked a tad too synthetic. The Perfect Storm had very good effects, but since most of the storm scenes were set during the night, it was a little easier to mask the seams between reality and make-believe. Overall, I think Hollow Man should win, though its effects are still not quite as good as those in Starship Troopers.

A Disney animated film (The Emperor's New Groove) has been nominated in the Best Song category again, though I wouldn't know what the song is like since the film hasn't been released here yet! In the Best Make-Up category, all three nominees (The Grinch, Shadow Of The Vampire, and The Cell) are worthy, though The Grinch probably gets the edge for its vivid recreation of the inhabitants from a much-loved Dr Seuss world.

As for the remaining categories, Crouching Tiger would seem to be a shoo-in for Best Foreign Film given its simultaneous nomination for Best Picture. But then again, weirder things have happened. Of course, all will be revealed this coming Sunday night, North American time. Let's all tune in and see what Hollywood dishes up for us, shall we?