The Best Actress Contenders were:

REESE WITHERSPOON (Walk The Line)
The current frontrunner having won majority of the precursors, Golden Globe (Musical/comedy) and SAG awards

FELICITY HUFFMAN (Transamerica)
Also won the Golden Globe (Drama) but the win by Reese at the SAG could indicate where the award will go on the night. Huffman still has a fighting chance having played a very Oscar-bait role (a transsexual)

JUDI DENCH (Mrs Henderson Presents)
The five time nominee and former winner in the supporting actress category (SHAKESPEARE IN LOVE) 1998 is well loved especially by the older members of AMPAS. She could spring a surprise if the Academy decides to go for an older winner.

CHARLIZE THERON (North Country)
Theron was recently in Oscar's winning circle having won for (MONSTER) 2004 and it is hardly likely that she will win again so soon especially for a film not that well received by critics or the general public.

KEIRA KNIGHTLY (Pride and Prejudice)
20 year old Keira got a surprise nomination for a film which won great reviews and a respectable box office. This indicate some support which makes her the dark horse in this category

WINNER: REESE WITHERSPOON (Walk To Line)

The Best Supporting Actor Contenders were:

PAUL GIAMATTI (Cinderella Man)
He is the current frontrunner having just taken the SAG win. His win here might also be consolation for last years surprise omission of a best actor nomination

GEORGE CLOONEY (Syriana)
Clooney is very popular and is up in two other categories - best director and co writer of best picture nominee, GOOD NIGHT AND GOOD LUCK. Somehow, he may not be allowed to go home empty handed on Oscar night and this could be the category he might take

MATT DILLON (Crash)
Dillon was the luckiest of the great ensemble that made his film one up for the big prize. He could be the wild card victor especially if there votes are split between Giamatti and Clooney

JAKE GYLLENHAAL (Brokeback Mountain)
He could spring a surprise if the anticipated victory by the film in the top categories also comes with one of its three nominated acting categories. Jake was a surprise winner at BAFTA two weeks ago which was right in the middle of the voting at the Academy and might have melted a few more hearts with his humility at the podium

WILLIAM HURT (The History of Violence)
His performance was a pure joy despite being onscreen for the last couple of scenes.He was touted earlier and won both the NYFCC and LAFCA but did not do well at the Golden Globes and SAG. The fact that he secured a nomination shows small support and this former best actor oscar winner, (KISS OF THE SPIDER WOMAN) 1986 could be the dark horse in this category

WINNER: GEORGE CLOONEY (Syriana)

The Supporting Actress Contenders were:

RACHEL WEISZ (The Constant Gardener)
Having won the Golden Globe and SAG in this category, Weisz seems poised for Oscar glory but the supporting categories are often difficult to predict and if there is going to be any surprises, it could start here.

MICHELLE WILLIAMS (Brokeback Mountain)
It would be a shame if the anticipated wins by Brokeback do not come with at least one for the acting categories. Should Academy voters feel the need to do so, Michelle seems the best bet of the three nominations they have.

AMY ADAMS (Junebug)
Amy Adams obviously has a strong fanbase--without it she would not be here. But the question is, will they be strong enough to outdo her competition, namely Rachel Weisz (Golden Globe and SAG winner) and Michelle Williams (starring in the most nominated film of the year and tied with Adams for the BFCA award)?

CATHERINE KEENER (Capote)
Both she and McDormand are the only Oscar veterans, and Keener has yet to win. Nonetheless, there's not as much undying passion for her this year, and her performance is not typical for the category in the first place, so it is doubtful if it has any serious chance to win. The majority of the Capote love will be bestowed upon Hoffman

FRANCES MCDORMAND (North Country)
Frances is just category filler at this point, remembering that she's already won the Oscar and that she made it this far with North Country is likely to be considered award enough.

WINNER: RACHEL WEISZ (The Constant Gardener)