It's interesting to note that over the recent history of the Oscars, two thirds of the films that picked up the Best Picture Oscar also picked up the Best Editing Oscar.
Editing has been called the 'engine' of film making and the fact above seems to prove it.
You might not be able to take something not very good and turn it into a masterpiece in the editing suite. However, you can take someone decent and lift it up for the audience.
Here's an interesting (but very light) clip from a seasoned Hollywood editor talking about the five 2007 Oscar editing nominations.
He mentions a number of things which I find interesting. He talks about the relationship between the editor and the Director. He discusses how an editor can really turn a film into something very special (in the case of In the Wild - if you haven't seen it, please do. It's excellent.)
I can't embed the video, but control click it to open it up in a new tab.
http://www.slatev.com/video/oscars-obscure-category/
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