Oscar®-winning actress Mo'Nique (left) and Academy President Tom Sherak announced the nominees for the 83rd Annual Academy Awards in the Academy's Samuel Goldwyn Theater. Photo: Greg Harbaugh / ©A.M.P.A.S.

We checked in with Inside Edition’s Chief Correspondent Jim Moret for a bit of perspective on the Oscar nominations and for an explanation of what the nods mean for the telecast. And to hear him tell it, True Grit got its due, while young Hollywood (James Franco, Hailee Steinfeld, etc.) is staking their claim as the talent to watch this award season.

The Academy Awards are handed out 2/27/11, live from the Kodak Theater and broadcast on ABC.

Click onto video for Jim Moret’s comments.