I also watch it and I see a lot of movies so I have seen most of the oscar nominated movies and I can tell you that the best way to watch the oscars is to make your own list of nominations and winners and then compare. Just a thought.
I try to always watch the nominees that I know I would enjoy. Things like Amour will be to hard for me to go out and see but something like Silver Linings or Zero Dark Thirty I don't mind spending a few horus on.
I've noticed the older I get the more I end up seeing a good portion of nominated films in theaters during the year, perhaps it's because now I'm seeing Lincoln instead of Pokemon 2000.
Good luck on your adventure!