In short: The King's Speech and The Social Network got the most nominations. In The Social Network's case, that includes well deserved ones for Jesse Eisenberg (Actor), Trent Reznor & Atticus Ross (Original Score), and of course, David Fincher and Aaron Sorkin.
And it's nice to see the Academy's people-pleasing strategy of including some people-pleasing blockbusters in their freaking ten Best Picture nominees is still working out for them. The Picture nominees this year include the expected Black Swan, True Grit and 127 Hours, but also the less expected Toy Story 3 and Inception. (But Christopher Nolan was snubbed for Best Director. If he wants some love from the Academy I guess he'll need to make a reality- and morality-questioning costume picture after he's done with Batman next year.)