When you think of it, the Academy Awards is the granddaddy of all reality shows.

Live and in real time, we anxiously watch the faces of glamorous but nervous nominees to find out whether one of the biggest evenings of their lives will end in exhilaration or disappointment.

Beneath the expensive clothes and jewelry were hearts like yours and mine pounding with anticipation and apprehension. Despite high hopes, they each knew they had an 80% chance of hearing someone else's name called -- all in front of the unflinching eye of close-up cameras beaming their every expression to a billion people around the world.

It was joyful to see 72-year-old Alan Arkin win his first Oscar, though on the other side of the coin, it was sad to witness the crushed hopes of four other great actors. And it was a pleasure to share Forest Whitaker's highest professional moment as best actor and hear his poignant success story, though it was painful to see 74-year-old Peter O'Toole swallow the bitter pill of his eighth near triumph.

The movie industry, like any business, can be characterized and judged by its best or its worst. And there are lots of examples of the "worst" coming out of Hollywood. But if we're willing to be honest and objective, we have to admit that many films, including most of those highlighted by the Awards, are as powerful and uplifting as great novels and as educational as college textbooks.

I think, at least on this night, the nominees and winners deserve to be judged and honored, irrespective of their politics and lifestyles, as consummate professionals and masters of their craft. Their talents enrich our lives and they deserve our gratitude.

But more than that, we can thank them for setting a fine example of winning with grace and losing with dignity. I hope our future Olympians will do as good a job when they are faced with the same challenges.

This is Michael Josephson reminding you that character counts.