I saw Argo when it came out, one of four Best Picture nominated films I've seen so far. I thought it was excellent in part because it was tense and realistic but not deadly serious in the way most Oscar nominated films tend to be. Argo is fun. I was rooting for it to win last night.
Despite it being based on real, very political events it does a good job not weighing the story down with too much political baggage. This isn't a top-down story, it's a bottom up one. Yes, there is a voice over by Jimmy Carter during the credits, but it's really the first time Carter intrudes on the film.