The best visual effects Oscar is most definitely "Life of Pi"'s to lose, with "The Hobbit" the potential spoiler (though that's highly unlikely).
Nominees and predictions below. Check out all predictions in all the categories here, and this list of all the Oscar-nominated films available ON DEMAND right now.
"The Hobbit: An Unexpected Journey"
Joe Letteri, Eric Saindon, David Clayton and R. Christopher White
"Life of Pi"
Bill Westenhofer, Guillaume Rocheron, Erik-Jan De Boer and Donald R. Elliott
"Marvel's The Avengers"
Janek Sirrs, Jeff White, Guy Williams and Dan Sudick
Richard Stammers, Trevor Wood, Charley Henley and Martin Hill
"Snow White and the Huntsman"
Cedric Nicolas-Troyan, Philip Brennan, Neil Corbould and Michael Dawson
Will win: "Life of Pi"
Could win: "The Hobbit"
Should win: "Life of Pi"
Check out all predictions in all the categories here.