Personally, I think the field is full of heavy hitting competition, though I think that Narnia has a very good shot. Alice in Wonderland was pretty incredible, and also what I expect from Tim Burton. Harry Potter and the Deathly Hallows – Part 1 was typical Harry Potter and offered nothing new, in my mind. Inception was a tour-de-force in art direction. Tron: Legacy did a great job of updating the neon lights motif of the original, while being too similar to The Matrix Trilogy for a lot of the costume design. The Chronicles of Narnia: The Voyage of the Dawn Treader has an incredible dragon ship, and many very intricate islands and locations.
Four out of the five really deserve the nomination and if any of those win, it is well deserved. I do hope that Narnia wins it, though! Good luck to the voters!
Full list of Nominees