in the issue of Time Magazine 2/25/08, there is a sidebar titled WHAT WAS OSCAR THINKING?
Should have won KING KONG (not nominated) and not Cavalcade (1933)
CITIZEN KANE and not How Green Was My Valley (1941)
PYSCHO (not nominated) and not The Apartment (1960)
20001: A Space Odyssey and not Oliver (1968)
PULP FICTION and not Forrest Gump (1994)
Should not have won ROCKY beat Network, Taxi Driver, All the President's Men (1976)
ORDINARY PEOPLE beat Raging Bull and The Elephant Man (1980)
GANDHI beat Tootsie and ET (1982)
SHAKESPEARE IN LOVE beats Saving Private Ryan (1998)
CRASH beats BROKEBACK MOUNTAIN (2005) I guess we knew that!
Other categories discussed are Best actor and Best actress
Unfortunately, the sidebar isn't in the main link:
http://www.time.com/time/magazine/article/0,9171,1713487,00.html The article itself is a good read.