Previous nominations or wins:
Nominee, Best Actress in a Supporting Role, "The Deer Hunter," (1979)
Won, Best Actress in a Supporting  Role, "Kramer vs. Kramer," (1980)
Nominee, Best Actress, "The French Lieutenant's Woman," (1982)
Won, Best Actress, "Sophie's Choice," (1983)
Nominee, Best Actress, "Silkwood," (1984)
Nominee, Best Actress, "Out of Africa," (1986)
Nominee, Best Actress, "Ironweed," (1988)
Nominee, Best Actress, "Cry in the Dark," (1989)
Nominee, Best Actress, "Postcards from the Edge," (1991)
Nominee, Best Actress, "The Bridges of Madison County," (1996)
Nominee, Best Actress, "One True Thing," (1999)
Nominee, Best Actress, "Music of the Heart, "(2000)
Nominee, Best Actress in a Supporting Role, "Adaptation, (2003)
Nominee, Best Actress, "The Devil Wears Prada," (2007)
Nominee, Best Actress, "Doubt," (2009)

Pros: Streep made audience forget co-star Amy Adam's grating performance with her charming and hilarious turn as Julia Child.  The icon has also been slowly playing the "sure I've won two Oscars, but I've lost 12 straight times" card and that could finally work in her favor this year.

Cons: The movie overall is probably as weak as 1999's "Music of the Heart" and if her December comedy "It's Complicated" is a dud, it could diminish her work in "Julia."  However, that's a big "if."  We're talking Streep here.