I'm also pretty annoyed that Tangled wasn't nominated. I thought it was just as good as Toy Story 3 and had the better animation, not to mention some amazing music and voice acting. I think a lot of the hype for TS3 stems from familiarity with the characters, being that there were two previous films with mostly the same ones. People have grown up with them and so feel good about piling praise upon anythng involving the franchise. Don't get me wrong: TS3 was a great film and a fitting conclusion, but I think there's a bit of prejiudice in favor of it due to said familiarity.
I know it's been discussed here in the past, but the real problem stems from the fact that so few films can be nominated for Best Animated Picture (3), while both Best Picture (with 10!) and even Best Animated Short (5) enjoy a larger number of nominations. You can't tell me that, given the number of animated films released around the world each year, at least 5 can't be nominated every year. The Academy needs to change their rules and allow more animated films to be nominated, the same way they now nominate twice the number of films for Best Picture than they used to.
So now Toy Story 3 enjoys having a Best Picture nomination which, face it, it has NO shot at winning, while it will obviously trounce the other two films and win Best Animated Feature going away. I'd like to see the Academy (in addition to increasing the number of films nominated for Best Animated Feature) implement a rule that if a film is nominated for Best Picture, it can't be nominated for Best Animated Feature. Would it make sense, if there were awards for specific genres (Drama, Comedy, Musical, etc), to have films nominated for Best Picture, too? A moot point I know, since genre specific awards don't exist (except for Animated Feature), but I think it still illustrates my point.
Just how much negative press would the Academy get if, by some fluke, TS3 won Best Picture and Best Animated Feature? A ton, I think...