Slumdog Millionaire will win the Best Film award. After that, nothing can beat it for the Oscar gold.
Sean Penn will likely win, but Mickey Rourke can never be fully counted out.
Whoever wins Best Actress will be the likely Oscar winner of the same award. It's Kate Winslet (for The Reader) or Meryl Streep. My bet is Kate.
Heath Ledger will win. The Oscar is his.
Penelope Cruz will win and go on to claim the Oscar, too. But Viola Davis remains a serious threat.