I have seen two Oscar favorites so far, and my own vote goes to Crash.

Rating: 8/10 (7 March 2006)

Brokeback Mountain, in spite of being a gay-themed film, did not move me the way Crash does.
I can think of several possible reasons for this --other than the intrinsic merits of these films. In random order: The accents (I think I did not understand one-third of the dialogue) in BM, its slow pace, and the fact that I have seen enough closeted men up-close so that I look at most of them with a clinical detachment.
Crash is also a tension-filled drama compared to BM's dry love story. The former leaves you with some hope, while BM leaves me, as a gay man, neither seething with anger at the homophobia (too subtle) nor does it make me cry buckets. I am not a fan of violence in film but here it was too fleeting to either hurt or outrage me (the way I was outraged by the violation of a woman's body in Crash). I would prefer the docu on the Matthew Shepard case instead.
To me Crash is not just about racial prejudice but also a comment on America's gun culture. I have no knowledge about the situation in the States, but I know that enough discrimination exists on the individual level and there is enough violence involving guns to make them alive issues--they may disappear from the public radar but they do not go away. BM's flag for the gay issue is too underplayed for my liking.
In India, coincidentally, at this time some cases of shootings are in the spotlight again, though unfortunately I am yet to see any debate around gun control. I am of course referring to the cases of Jessica Lal, Priyadarshini Matoo and now the latest Meher Bhargava case.
It's time lawmakers and police officials made it more difficult for people to posses firearms rather than making it more tough to run places of entertainment. Or making it a crime for two men to love each other.