hey Titanic had some really cool special effects; when i saw it in a theater with an amazing THX sound system and the water is coming in the boat and the hull begins to rip...
i do tend to wonder if ROTK won everything just because it was ROTK...
yes, it is a great movie and all, but i wonder sometimes if the academy voters saw "LOTR:ROTK" on the ballot and just checked it because they knew it best...
that being said I think Peter Jackson deserved his award, much in the way the Academy awarded Eastwood in 92 for Unforgiven, it means more than just the actual movie, but it reflects a body of work (the whole LOTR trilogy)