I really like The King's Speech and don't mind it winning Best Picture, Best Actor, and Best Script. I probably would have given Best Supporting Actor to Geoffrey Rush and Best Supporting Actress to Helena Bonham Carter. All three of the main actors in that film were awesome.
I probably would have given Best Director to David Fincher over Tom Hooper, who made some bad choices with the camera that distracted from the GREAT performances by his actors. It's a weird thing. He did a great job getting the strong performances from the actors, but then he chose to use really distracting camera angles that didn't do justice to the movie or the actors IMHO. David Fincher always delivers top notch stuff with his movies, both in terms of visuals and the acting performances.
Biggest problem with the 2010-2011 awards season was Chris Nolan getting left off the Best Director list after what he did with Inception. Straight up outrageous. At that point it felt like they were going out of their way to say "fuck you" to him for no good reason, especially after the snubs on The Dark Knight and The Prestige.