See the article here! For those who don't know, the Hugo is one of the most revered Science fiction/fantasy awards, last year's... wrongness notwithstanding. It is voted for every year by the attendees of the WorldCon - that's ordinary geeks, not weird actor types like the Oscars.
Oh, sorry, this is Tolkien related stuff, but Connie Willis is just such a great author... go read her To Say Nothing of the Dog. Trust me, if you have a working sense of humor and like well written stories, you'll like it.
Anyway, LotR is probably a shoo-in for best movie.... the competition is Harry Potter, Monsters Inc, Shrek, and Buffy the Vampire Slayer. Although Harry Potter 4 did win for best novel last year, that was because of a very weak field, in which the other four nominees were A. books no one had ever heard of or B. books which are in the middle of a fantasy series and should have won anyway but I think the Hugo people are afraid of Robert Jordan syndrome.
So, check it out if you feel like it... this makes my day, it's so much better than the Oscars because this is fan stuff, not snooty Hollywood people stuff.