Like everyone else, I could find about eighty trillion things wrong with the new Star Wars prequels, but ultimately, I still like them. I saw the original IV, V, and VI episodes when they were released in theaters (well, I saw Star Wars when it was re-released in 1980 when Empire came out, since I was like, one-year-old in 1977) and the chance to revisit that world was enough incentive for me to keep seeing them, despite The Phantom Menace. I took my then six-year-old nephew to see Attack of the Clones, and it was cool to remember, through him, just how captivating those movies were to me when I was younger.
But is Revenge of the Sith Oscar material? Probably, at least for visual effects, costume design, and such. The studio has already begun to run ads in trade publications asking Academy voters to consider Sith in those categories. They're not seeking a Best Screenplay nod, though, which is probably wise.