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Emily Watson, "War Horse"
Pro: The Brit is a two-time best actress nominee for "Breaking the Waves" in 1997 and "Hilary and Jackie" in 1999. Her role as Albert's mother in Steven Spielberg's latest epic is a crucial one as she is the bridge between her son(Jeremy Irvine) and the stubborn father (Peter Mullan) he seemingly can't connect to. Along with Niels Arestrup, she may be the only member of the "War Horse" ensemble who could justify an acting nomination (besides the horse of course).
Con: See above. The movie is much more an ensemble and director's showcase than anything else. But, if the Academy ends up adoring it, she could slide in on a wave of "Horse" support.