MTV asks "What went wrong?" for Avatar not winning more?
For me it's simple.
James Cameron has already won Best Director. For Titanic.
Avatar's story already won Best Picture. For Dances with Wolves.
I really enjoyed Avatar, but it's one of those movies you have to see on the big-screen in 3D. When 3D TV's are common-place in another 5-7 years, maybe it will seem like it was robbed.
I liked Avatar, one of my favorites of the year. But really, The Hurt Locker is one that will stand the test of time as Best Picture.