For the second time in three years, the Academy Awards will have no Japanese-animated film in the running for its ceremony nearly a month from now. Cars, Happy Feet, and Monster House are all in contention in a rather tight field for such a small number of films honored. In reality this should come as no surprise, as no anime films of note were released (at least in a respectable number of theaters) in the U.S. last year. The only ones that come to mind in terms of critical praise are actually two Madhouse productions, Satoshi Kon's Paprika (which was eligible) and the much beloved Toki wo Kakeru Shoujo (The Girl Who Leapt Through Time), aka Tokikake. Perhaps next year it will have a chance, especially if it is given a theater run.
EDIT: Totally thought that Howl's Moving Castle was nominated the year before last, so now it is fixed from being "the second year in a row.