Yeah, "Two Towers" lost to "Chicago."
Though I would have been very surprised to see "Two Towers" win when "Fellowship" didn't. It was a rather dark and dreary middle ground with none of the beauty of the Shire or Rivendell or the Grey Havens to provide a reprieve and no true beginning or end. I have to admit "Chicago" didn't impress me much; I think it was very well done, but the music, the costumes, the setting, the characters... none of it appealed to me at all. I liked "A Beautiful Mind" better, and I didn't mind that it won, but I still liked "Fellowship" better.
Erin