I totally agree with you that "There Will Be Blood" was a big disappointment. Excellent acting and cinematography can't cover up for the film's many flaws. The plot went absolutely nowhere for the first two hours, which were just a long, meandering buildup for the action in the final 20 minutes
Bingo. You can't just throw together a bunch of segments, regardless of how superbly they're acted or produced, and expect any kind of quality story or movie. It doesn't happen automatically. It appears as if it was a movie created by committee, except each person contributing a piece didn't talk to any other person and they just joined together all the bits and pieces at the end.
The thing as a whole was a giant disjointed and mostly uninteresting heaping pile of crap. For the first 15 minutes I was wondering if there was even going to be any dialog in the movie.
With regards to No Country for Old Men, the movie just didn't come close to the hype. Not even close. I mean, if you've watched Fargo (also by the same writers/directors), this pales in comparison. Yes, it had, compared to There Will Be Blood, a much more cohesive story, but I still felt it was lacking in a big way and just didn't get enough closure at the end. I will probably watch this one again though. I also didn't find it suspenseful at all, nor particularly riveting. In fact I found my mind wandering a couple of times.
When I see a nomination for Best Picture I expect that the movie will be well-rounded with regards to story, production, direction, acting, scoring, etc. Everything about it should be great, not just 2 or 3 of those.
Compared to Atonement, it would have made more sense to have nominated Superbad for Best Picture.