It's been a while since I've personally paid any attention to the Oscars, the furthest I can remember of being mad at it was when Chicago (2002) won best picture, I don't really remember which movies at the time I thought deserved the award instead, but I do remember thinking "Bah, the Americans need a pick-me-up movie for the country's morale, so this wins.".
Not to say it was a bad movie, just not "best movie" material, but I digress. Democratizing the Oscar's is a decent idea, but I don't fear 4chan as one can do polls well enough to prevent them from tempering with it (much).
I do fear, is that if we do that, the only award winners will somewhat related to the latest blockbuster that picked up major money. Imagine a world where the best movies nominee's are Batman, The Avengers and "Michel Bay blows shit up" and all other categories are somewhat related to those movies mostly. That said, Hubski Film Awards might be fun :)