1. It Can't Account For The Passage of Time
Typically, a film that is nominated for Best Picture will be released during so-called "Oscar season", which takes place between September and the end of December, with the hope that they can drub up enough hype and acclaim to garner some Oscar love. This really allows only a few months for audiences to process a given film, and as the past has proven with Citizen Kane especially, a film might grow to be appreciated considerably more in the years that follow its release. Kane is just the first of many examples; Raging Bull, Dr. Strangelove and Star Wars were all nominated for Best Picture, and their legacies only continued to grow in the years and decades that followed their release, such that they all considered by vast quarters to be some of the best films ever made, and certainly the best films of their respective years. They are all pop-culture milestones far beyond the films that won Best Picture each year, and so in the long run, it's really hard to think of these awards as that important or relevant. In 40 years time, will legions of people still be watching The King's Speech, great though it is? I doubt it. What regard do you hold the Oscars in? Let us know in the comments below.