Yes.  The Rings are finally King.  Taking in 11 nominations (nods in all major catagories), Peter Jackson and the hairy little ones have finally received the respect they deserve from Hollywood's elite. Sausage on the sea party, Master and Commander, raked in 10 nominations and  Bill Murray scored a Best Actor nod.

Missing from the lists are Cold Mountain and In America for best picture (Master and Commander must have blown someone), Scarlett Johanssen for her performance in Lost in Translation, and Paul Giamatti and Hope Davis for their work in American Splendor.

Best picture
  "The Lord of the Rings: The Return of the King"
  "Lost in Translation"
  "Master and Commander: The Far Side of the World"
  "Mystic River"
  "Seabiscuit"

Directing
  "City of God"
  "The Lord of the Rings: The Return of the King"
  "Lost in Translation"
  "Master and Commander: The Far Side of the World"
  "Mystic River"

Actor in a leading role
  Johnny Depp in "Pirates of the Caribbean"
  Ben Kingsley in "House of Fog and Sand"  
  Jude Law in "Cold Mountain"
 Bill Murray in "Lost in Translation"
  Sean Penn in "Mystic River"
 
Actress in a leading role
  Keisha Castle-Hughes in "Whale Rider"
  Diane Keaton in "Something's Gotta Give"
  Samantha Morton in "In America"
  Charlize Theron in "Monster"
  Naomi Watts in "21 Grams"

Actor in a supporting role
  Alec Baldwin in "The Cooler"
  Benicio Del Toro in "21 Grams"
  Djimon Hounsou in "In America"
  Tim Robbins in "Mystic River"
  Ken Watanabe in "The Last Samurai"
 
Actress in a supporting role
  Shohreh Aghdashloo in "House of Sand and Fog"
  Patricia Clarkson in "Pieces of April"
  Marcia Gay Harden in "Mystic River"
  Holly Hunter in "Thirteen"
  Renée Zellweger in "Cold Mountain"
 
Documentary feature
  "Balseros"
  "Capturing the Friedmans"
"The Fog of War"
  "My Architect"
  "The Weather Underground"

Foreign language film
  "The Barbarian Invasions"
  "Evil"
  "The Twilight Samurai"
  "Twin Sisters"
  "Zelary"

Animated feature film
  "Brother Bear"
  "Finding Nemo"
  "The Triplets of Belleville"
 
Cinematography
  "City of God"
  "Cold Mountain"
  "Girl with a Pearl Earring"
  "Master and Commander: The Far Side of the World"
  "Seabiscuit"

Film editing
  "City of God"
"Cold Mountain"
  "The Return of the King"  
  "Master and Commander: The Far Side of the World"  
  "Seabiscuit"
 
Art direction
  "Girl with a Pearl Earring"
"The Last Samurai"
  "The Return of the King"
  "Master and Commander: The Far Side of the World"
  "Seabiscuit"
 
Costume design
  "Girl with a Pearl Earring"
  "The Last Samurai"
  "The Lord of the Rings: The Return of the King"
  "Master and Commander: The Far Side of the World"
  "Seabiscuit"

Music (original score)
  "Big Fish" Danny Elfman
  "Cold Mountain" Gabriel Yared
  "Finding Nemo" Thomas Newman
  "House of Sand and Fog" James Horner
  "The Lord of the Rings: The Return of the King" Howard Shore

Music (original song)
  "Into the West" from "The Lord of the Rings: The Return of the King"
  "A Kiss at the End of the Rainbow" from "A Mighty Wind"
  "Scarlet Tide" from "Cold Mountain"
  "The Triplets of Belleville" from "The Triplets of Belleville"
  "You Will Be My Ain True Love" from "Cold Mountain"
 
Adapted Screenplay
  "American Splendor"  by Robert Pulcini & Shari Springer Berman
  "City of God" Screenplay by Braulio Mantovani
  "The Lord of the Rings: The Return of the King" Screenplay by Fran Walsh,  Philippa Boyens & Peter Jackson
  "Mystic River" Screenplay by Brian Helgeland
  "Seabiscuit"  Written for the Screen by Gary Ross
 
Original Screenplay
  "The Barbarian Invasions" by Denys Arcand
"Dirty Pretty Things" by Steven Knight
  "Finding Nemo" by Andrew Stanton, Bob Peterson, David Reynolds
  "In America" by Jim Sheridan & Naomi Sheridan & Kirsten Sheridan
  "Lost in Translation" by Sofia Coppola