I don't think Inception will win. I think it's between King's Speech and Social Network. Let's see which wins the SAG Award -- usually the bellwether of the Oscar win.
Also, look at this list:
Best Editing:
"Black Swan"(Fox Searchlight), Andrew Weisblum
"The Fighter"(Paramount), Pamela Martin
"The King’s Speech"(The Weinstein Company), Tariq Anwar
"127 Hours"(Fox Searchlight), Jon Harris
"The Social Network" (Sony Pictures Releasing), Angus Wall and Kirk Baxter
No movie wins Best Picture without winning Best Editing, so basically THESE are the real contenders of Best Picture.
I've seen everything except True Grit and Winter's Bone. Given neither is nominated for Best Editing, I think their best bet is in the acting category.
Colin Firth will win the Oscar. It's his year (he was nominated last year for A Single Man, also a brilliant performance, but lost to Jeff Bridges. It's funny they're duking it out this year again, but this year belongs to Firth).
I predict Natalie Portman will win for Black Swan also. It's just a brilliant film with a great performance, plus it's unusual. Bening is great, too -- so is Nicole Kidman in Rabbit Hole, which deserves a writing nod. But Portman has a Ballerina's leg up on Bening and Kidman.
Black Swan, The Fighter, 127 Hours, King's Speech and Social Network all have nominations in multiple big categories. So this is a good year to watch the Oscars. The suspense!