Not Schindler's List , not anything. It is truly the story of man overcoming the horrors of W.W.II, and keeping his life beautiful. It is about the ultimate love, ultimate sacrifice, and the ultimate joy that comes in the face of adversity. The plot is perfectly written. The viewer must pay attention to every detail, as every scene furthers the plot in some way.
None are dispensable.
When the end comes around, it is truly spectacular. No foreign language film has ever won the Best Picture Academy Award. Life is Beautiful was nominated. If it doesn't win, it will be an injustice to film making. Rarely these films deliver.