The Hugos really are the top awards in SF and Fantasy - along with the Nebulas, but that's awarded by authors, not just fans. Generally if a book or short story wins the award it means that fans really love it, that it really stands out about the crowd that year. I don't think 'movie' is usually as big a deal - but there again it's a fan thing. Last year's movie winner was
Galaxy Quest, which just goes to show that sci-fi freaks can laugh about themselves...
Anyway, LotR was a shoo-in for nominee, but even so, it says something. The award doesn't get chosen until July or August, but I'll let you know whether it wins...
Well, I could tell the Hugos were something special, because your posts about them just seemed to pop with excitement!