So, "the narrative" of this year's Oscar race - because there always is one - is Young vs. Old or, rather, Analog vs. Digital: "The King's Speech," a solid but utterly unremarkable film you could none the less sell, unedited, as the ultimate parody of formula Oscar Bait vs. "The Social Network," a film whose subject matter, editing/directing style and even principal-cast may as well have just stepped out of a flying-saucer as far as much of The Academy is concerned.
That's not to say that it's ONLY between those two films, at least not yet, but that's The Narrative. See also: Christopher Nolan snubbed for Best Director (EASILY the biggest outrage of the year - "Inception" DEFINES "director's movie" the same way "Speech" does "actor's movie") and Daft Punk being shut out of a Best Score nod for "Tron: Legacy" - thus denying TV audiences worldwide the fun of seeing two guys in Power Rangers helmets sitting among the swells in crowd-shots... although it's not entirely surprising, can you imagine The Academy's half-mummified voter-base listening to the tracks, futzing with their player and wondering where all that electronic-distortion is coming from and where the "music" is? Honestly, "Tron" being shut-out of the art and FX categories in general is pretty glaring no matter what you think of the overall film.
Also snubbed: Edgar Wright, Mila Kunis, and probably some more I'll think of later.