One word: whoa.
Two words: whoa... yeah.
Awards possibilities: probably locks on visual effects, sound editing, and sound effects editing. Solid chances on editing and original screenplay.
A really good shot at nominations for picture (with the expanded 10 nominees), cinematography and art direction. I don't see costumes picking up a nomination, although that's more because there are not period piece costumes, not because they're not well done. And Christopher Nolan deserves a nomination for direction, but probably won't get one unless the Academy really starts to appreciate action movies.
There's some really solid acting in the movie, but nothing so flashy I can see an Oscar nomination coming out of it. Perhaps best ensemble from the Screen Actors Guild. If I had to pick dark horses from the cast they would be Marion Cottilard for supporting actress, and Ken Watanabe for supporting actor. There's a real depth to the acting bench (if you will) including Pete Postlethwait and Tom Berenger, and they're almost exclusively white... hooray for white actors! I'm sure historically the people who sneak into your dreams professionally have been Caucasian so it makes total sense that they would have all those jobs in this kind of movie--it's just an honest representation. Yes, the actors are all very good, it's just a peeve of mine.
I'm more convinced than ever than Ellen Page will be Robin in the next Batman movie. And pretty sure Cotillard will be Catwoman. I'm not sure if DiCaprio will be Riddler or if Tom Hardy will be Clayface, but definitely maybe.
If I have a complaint it's that the violence in the movie was so consistently literal that it could have been straight out of any number of action movies that weren't supposed to be taking place in a dream state. Hey look, guns and cars, awesome! We totally used our imagination!
But I genuinely loved the movie, despite what it sounds like.