I love Life of Pi, and it should really win BP, but when I look at this year's roster of (potential) BP nominees, there isn't really one I would be upset to see win. The only one I really don't like is The Master, but thankfully it's not up for a Golden Globe, which dims its Oscar chances.
Les Miserables has enough flaws to make it not a shoo-in for Oscar BP than was initially thought. Lincoln is good, but kind of boring (this year's Frost Nixon), and Moonrise Kingdom is great but maybe too quirky. I think Life of Pi really has a good chance, its most serious competition being Argo, which is a very good all-around film.