Well, in terms of the Oscars, RENT *does* have a few things going for it in terms of Buzz:
A major advantage is a November release. Close to the end of the year - a prime time for Oscar buzz.
It's appealing to a wide range of adult audiences. It's an adult show, now to be an adult film. It'll be VERY appealing to teenagers. It will make its money back.
No doubt about it, Oscar buzz will be generated. But actually getting nominations is another thing.
I think THE PRODUCERS is the musical this year which won't get too many nominations. If any. I'd say RENT has a better chance. We'll see...
"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