I have to disagree. Remember, we're talking a project that cost US$350 million to complete, and that was in less-costly New Zealand! If Peter Jackson had tried to do The Lord of the Rings in the USA the cost would have been more like US$600 million. 
These people are clueless and out of touch. I half think that what they did with The Lord of the Rings was a cave-in to pressure. Jackson et al finally got their due; but, I doubt it was heartfelt from the judges.
There aren't any 'judges'. The whole Academy votes. LOTR got the most votes.
I have to disagree. Remember, we're talking a project that cost US$350 million to complete, and that was in less-costly New Zealand! If Peter Jackson had tried to do The Lord of the Rings in the USA the cost would have been more like US$600 million.
A woman I teach with votes because she once had a bit part in a film. She knows nothing about the elements of beauty in a film.
I asked her to vote for Scorsese and she replied by saying "I love Italian films!"
From what she says most of the academy includes lots of people like her.