Actually, I think that RotK did very well at the Baftas, all things considered. It also won the viewers award, voted on by those that actually go to see the films (and, apart from Pirates of the Caribbean, was the only winner of other awards that was nominated in this category). That, I think, is interesting, since it is really the only one which appealed both too the Academy and the mass film-going public.
It is a shame that Jackson missed out on the director's award, but I think he still has a good shot at the Oscar. And I really think that Howard Shore should have won the soundtrack award. The music to Cold Mountain sounded nothing special to me. I thought that the soundtrack to Lost in Translation was far better, but then I'm a sucker for 80s music.
All in all, though, RotK looks almost a dead cert for the best film Oscar now.
Interesting to see Jackson pay tribute to Tolkien yet again at the BAFTAs (on accepting both the best adapted screenplay award and the best film award). He has made a point of doing this at every awards ceremony that RotK has taken prizes at, which I think speaks well of him. Or maybe he is just trying to appease the Tolkienista.