Award worthy? Yes. It's a Bill Condon film. The man who directed the Academy Award nominated/winning films Gods & Monsters, Kinsey, and who adapted the screenplay for CHICAGO - which WON best picture.
And then there is Jamie Foxx, who comes from winning an Oscar in another music role in RAY.
Right now, I can see Condon being nominated for directing and his adapted screenplay, and Foxx for his role. Everything else we'll just have to see.
I trust Condon. From everything I heard about the film thus far, it's looking good.
"The Spectacle has, indeed, an emotional attraction of its own, but, of all the parts, it is the least artistic, and connected least with the art of poetry. For the power of Tragedy, we may be sure, is felt even apart from representation and actors. Besides, the production of spectacular effects depends more on the art of the stage machinist than on that of the poet."
--Aristotle