With how the Oscar's have turned out so far, I must say I'm gonna root for Milk. I think Van Sant's work here was exceptional. Biopics so often come across as if the writer and director retreat into the safety of the conventions of the genre. In my opinion, Van Sant came at this story without going for the familiar.
There's one scene for example where the entire shot is within the reflection of a metal whistle laying on the ground specked in blood. It belonged to a gay man who was killed on the street. Milk argues with the cop who is checking out the crime scene and tries to find out what happened. You see Milk and the cop argue and Milk finally goes to pick up the whistle and snap the scene is over. I haven't done it justice there but you get the idea. It's really inventive stuff. Van Sant put a lot of his creative energies into every frame of the movie. Actually reflections and windows and mirrors appear throughout the movie.
I'd have to disagree with Hunter Rider's point above about how the relationships were shallow or seen as just a form of liberation as opposed to people having real lives together. Totally disagree. Penn and Franco's character go through a whole lot together. They're normal as can be. Sure they meet in each other in a subway pick up scenario, but thats how same sex couples would get together. Couldn't be out in the open. They'd have dinner and birthday cake, relax, talk about their dreams, smoke pot, etc. I felt the atmosphere of their life together was very much realized. I think Franco's character gets set to the sidelines as the film progresses but that I think reflects their real life story pretty closely. The second lover was kind of silly but he was just a boyfriend of the guy, they didn't know each other that long.
Dan White was obviously tormented. That was made very clear and effectively. He was still a fleshed out person I thought. He wasn't evil incarnate. Just a guy trying to do right and pushed to the brink by his own personal stresses and demons. There's one scene that shows him waking up on the day he kills Milk and Mayor Moscone, and he's sleeping on his couch. His wife has obviously sent him to the doghouse, but the story as such is about Harvey and what made him the person he was. There's no extraneous explanation for why White was so messed up but just enough IMO.
Really really solid move, with superlative production values, inventive writing and film making, a cast who all do really great work, and an amazing inspiring real life story. Hope it wins.