It is an extraordinary musical, no doubt.
From acting to cinematography, it may deserve Oscars on many technical points, but for "Best Film"? Not really.
The story is a pure cliche - one that has been told over and over again and has gone outdated with the changing times. One that I, personally, could never really buy.
The film is beyond over-hyped. For a film that almost got away with the "Best Picture" award, it's nowhere even close.