Cinererella was indeed excellent movie, it gave real insights in what it was like living in depression. I don't see how people made it really.
Besides being a well-directed film with fantastic acting, Cinderella Man was also a tribute to the hard-working, never-say-die American spirit. There were also moral themes alluded to throughout (telling his child "we don't steal", showing the devout Irish-Catholics "praying for Jim", watching the priest thanking God when Braddock beats Baer, etc.), which is probably why the Academy dismissed it.
That scene when Braddock's mouthpiece is knocked out in the ring in the fight against Art Lasky is one of the most memorable scenes that I've ever seen in my life, and I'm a big fan of movies. The music, the flashbacks, the acting by Crowe, are all done to absolute perfection in that scene, which to me is a microcosm of that movie. I remember thinking to myself how'd I'd rather be anyone in the world than Art Lasky at that moment.
I saw this movie three(!) times in movie theatres with my wife, and we got choked up each time we saw it. I bought it on DVD as soon as it came out. I haven't seen a film this well done ignored by the Academy since Carlito's Way back in the early '90's, though this film had much more powerful moral overtones.