For me...

...it was a toss-up between No Country for Old Men and There Will Be Blood.

Coen brothers' Oscars seal Hollywood's approval

I can't say that I'm happy either way as both films are downers, but that's not what's being recognized with the Oscar. My favourite was Sweeney Todd which is hardly 2007's Mary Poppins...

Here's a list of all the winners (and, consequently, losers) of the 80th Academy Awards.