Best Picture

Atonement
Juno
Michael Clayton
No Country for Old Men
There Will Be Blood
It's close between "No Country" and "Blood," but they're definitely the two frontrunners.

Directing

Julian Schnabel, The Diving Bell and the Butterfly
Jason Reitman, Juno
Tony Gilroy, Michael Clayton
Joel and Ethan Coen, No Country for Old Men
Paul Thomas Anderson, There Will Be Blood
Again, the Coens are neck and neck with Anderson, but the two of them are a step above the rest of the field.

Actor in a Leading Role

George Clooney, Michael Clayton
Daniel Day-Lewis, There Will Be Blood
Johnny Depp, Sweeney Todd The Demon Barber of Fleet Street
Tommy Lee Lee Jones, In the Valley of Elah
Viggo Mortensen, Eastern Promises

I think they've actually engraved this year's Best Actor Oscar with Day-Lewis's name. He owns this category and anyone else winning is a huge upset.

Actor in a Supporting Role

Casey Affleck, The Assassination of Jesse James by the Coward Robert Ford
Javier Bardem, No Country for Old Men
Hal Holbrook, Into the Wild
Philip Seymour Seymour Hoffman, Charlie Wilson's War
Tom Wilkinson, Michael Clayton
This one seems a lock because of the hype around Bardem, but it's closer than you might think. Any of the five nominees could legitimately take it.

Actress in a Leading Role

Cate Blanchett, Elizabeth: The Golden Age
Julie Christie, Away From Her
Marion Cotillard, La Vie en Rose
Laura Linney, The Savages
Ellen Page, Juno
My dark horse for the evening. It would be a major upset, but she carried "Juno" and is deserving.

Actress in a Supporting Role

Cate Blanchett, I'm Not There
Ruby Dee, American Gangster
Saoirse Ronan, Atonement
Amy Ryan, Gone Baby Gone
Tilda Swinton, Michael Clayton
Another wide-open field, but Blanchett's performance was show-stopping.

Animated Feature

Ratatouille
Persepolis
Surf's Up
*Three very good animated films (though "Surf's Up" is admittedly a step below in overall quality), but I think Persepolis is most deserving.

Art Direction

American Gangster
Atonement
The Golden Compass

Cinematography

The Assassination of Jesse James by the Coward Robert Ford
Atonement
No Country for Old Men
There Will Be Blood

Costume Design

Across the Universe
Atonement
Elizabeth: The Golden Age

Documentary Feature

No End In Sight
Operation Homecoming: Writing the Wartime Experience
Sicko
Taxi to the Dark Side
War/Dance

Film Editing

The Bourne Ultimatum
The Diving Bell and the Butterfly
Into the Wild
No Country for Old Men
There Will Be Blood

Makeup

La Vie en Rose
Norbit
Pirates of the Caribbean: At World's End
If "Norbit" wins an Oscar for anything, I may boycott the Academy Awards for the rest of my life.

Music (Score)

Atonement
Ratatouille
3:10 To Yuma

Music (Song)

Once
Enchanted
August Rush
Enchanted
Enchanted
*"Enchanted" certainly has good odds here, but that great song from "Once" gets the nod here.

Sound Editing

The Bourne Ultimatum
No Country for Old Men
Ratatouille
There Will Be Blood
Transformers

Sound Mixing

The Bourne Ultimatum
No Country for Old Men
Ratatouille
3:10 To Yuma
Transformers

Visual Effects

Pirates of the Caribbean: At World's End
Transformers

Writing (Adapted Screenplay)

Atonement
Away From Her
No Country for Old Men
There Will Be Blood

Writing (Original Screenplay)

Juno
Lars and the Real Girl
Michael Clayton
Ratatouille
The Savages
*This might be Diablo Cody's consolation prize if nothing else comes its way. It's the wittiest film of the year, and has as much heart as any of the other nominees.