For comparison, the top-rated English language feature films of 1995 on IMDB are:
The Usual Suspects (8.7)
Se7en (8.6)
Braveheart (8.3)
Heat (8.2)
Casino (8.1)
Toy Story (8.1)
Twelve Monkeys (8.1)
Before Sunrise (8.0)
Dead Man (7.7)
Sense and Sensibility (7.7)
Dead Man Walking (7.6)
Leaving Las Vegas (7.6)
Apollo 13 (7.5)
Land and Freedom (7.5)
A Little Princess (7.5)
Richard III (7.5)
Babe scores a 7.3. Il Postino, one of the rare foreign language films to be nominated for Best Picture, scores a 7.6.
In a very strong year a lot of great films were overlooked for Best Picture nominations. The Usual Suspects, Se7en, Heat, Casino, Toy Story, Twelve Monkeys, Dead Man Walking, and Leaving Las Vegas were all strong enough to be worthy of Best Pic nominations (and Bruce Willis gave a performance worthy of a Best Actor nomination in Twelve Monkeys).
John Lassetter was given a special award for Toy Story, and if I recall correctly it was announced early enough in the voting process that he'd be getting it that it probably sabotaged the film's chances at a Best Picture nomination (since some Academy voters would figure, "Hey, he's getting an Oscar anyway, I'll vote for something else.")
Out of the nominated films my vote goes to Braveheart. As with many historical epics it's by no means accurate as history, but it's rousing cinema.