It was an epic, a very modern epic.
However, I think it got so many awards, including Best Picture, because the academy kind of screwed up with the two earlies films. They really got screwed as far as the acting categories went, with ONE nomination in the acting field for all THREE films.
But anyway, yes it was somewhat deserving, but not of the 11 awards it got, far too many. There really wasn't a better film out there that year, depending on your viewpoint.
It was the best film that year, but compared to the other two LOTR movies, its my least favourite.
Now if the Fellowship got those awards, I wouldn't be as disagreeable.