Oscar Nominations Pit "The King's Speech" Against "The Social Network"

NEW YORK (CBS/AP) It's looking like the Oscar nominees will be fighting a transAtlantic battle next month.

British monarch tale "The King's Speech" took the lead after nominations were announced Tuesday, with 12 in all, but it will have tough competition from the American awards darling "The Social Network," which chronicles the birth of Facebook.

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It's also a battle of old vs. new: "The King's Speech" features aristocrats in period costumes facing perilous times - the sort of film that dominated the awards circuit in previous decades.

"The Social Network," on the other hand, is an immediate story, set not in palaces but college dorm rooms, cluttered start-up space and anonymous legal offices where Facebook founder Mark Zuckerberg battles former associates over the proceeds of his invention.

"The Social Network" beat out "The King's Speech" for best dramatic picture at the Golden Globes, which it entered with six nominations to seven nods for "The King's Speech." But the British drama scored a recent victory, taking the top prize at the Producers Guild Awards. And the Screen Actors Guild and British Academy Film awards are still to come.

The two films are considered the Oscar frontrunners, but they still face competition from other best picture nominees "True Grit," "Black Swan," The Kids are All Right," "127 Hours," "The Fighter," "Inception," "Toy Story 3" and "Winter's Bone."

Which film do you think will win come Oscar time? Share your thoughts in the comments.