I didn't find that movie especially noteworthy, though I'm in the minority there (so many people online keep buzzing about the soundtrack/score, which I thought was almost laughably obvious in places).
Drive seems to be generating buzz mostly in niche areas. I'm not hearing a heck of a lot about it outside newsgroups. And it came and went so fast in the theatres here I just assumed it was a bomb. That said, I'm the guy who works in the media yet somehow managed to avoid hearing anything about a movie called "Napoleon Dynamite" until I happened upon an action figure in a comic shop a couple years back.
I think that's the disconnect with viewers of the show though. I mean you make movies to perhaps reach an audience, but when you only nominate films that barely anyone has seen, why should they waste their time with the actual show?
The Academy isn't catering to the TV show. If they decided to no longer broadcast the Oscars, they'd still hand them out. It's only within the last 20 years that anyone gave a damn about the Oscar ratings. Popularity does not equal quality, and one of the great things about the Oscars is it gives press to films the mainstream might have ignored. Again I go to Slumdog Millionaire, or No Country for Old Men, etc. If you want awards shows skewed towards only nominating the big splashy films, MTV's Movie awards and the Spike Scream Awards have that market cornered.
I made mention of being disappointed that Harry Potter 8 didn't get nominated - but that was because I want to see the entire series recognized in some way. But if I were given my choice of nominations for Best Picture, I'd actually more likely have given the spot to Another Earth.