Which Film Most Deserved to Win an Oscar, but Didn't?

We can probably go back and forth for hours when it comes to who deserved that Best Picture Oscar more, Avatar or The Hurt Locker, but when you get past the obvious frontrunners from last night's Academy Awards ceremony, there were a lot of films that should've totally taken home an Oscar but didn't. I mean, did The Hurt Locker really deserve six awards? Couldn't we have thrown another film or two a bone instead?

'Up in the Air'

While I personally feel that one of the films most deserving of an Oscar was Inglourious Basterds, we can't include it here because, technically, its actor Christoph Waltz won Best Supporting Actor. So, in theory, the film took home at least one Oscar … even if you and I both know it deserved more. What I'm interested in discussing is which film most deserved to win an Oscar last night, but didn't.
 
Could it be District 9? Or what about that early Oscar frontrunner Up in the Air…which, at the very least, was a sure bet for Best Adapted Screenplay until Precious swooped in and shocked everyone with a win? Also pretty deserving were both An Education and A Serious Man, though it would appear as if both those films barely existed last night amidst all the bigger, more prestigious offerings.
 
And so I'll leave this ball in your court. In your opinion, which film most deserved to win an Oscar last night, but didn't? 
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