In the new issue of Rolling Stone (the one with Sarah Michelle Gellar on in a nice leather suit) there is a small section in the movie part where Peter Travers (I think) has a little article called Also Dissed by the Academy. The first paragraph reads:

We all have favorites that didn’t make the cut. I would have liked a Best Picture nomination for Paul Thomas Anderson’s Boogie Nights, acting nods to Johnny Depp and Al Pacino (Donnie Brasco), screenwriting acknowledements to Neil LaBute (In the Company of Men) and KEVIN SMITH (Chasing Amy), and a place on the directing honor roll for John Woo (Face/Off).

That isn’t the entire paragraph, just the important part.

Also, he puts Good Will Hunting as the closest runner to Titanic for Best Picture, and says it is a lock for Best Screenplay. However he says that it can’t beat Titanic because of the Academy’s love for epics- Dances With Wolves, English Patient, Schindler’s List, Braveheart, you get my point.