Another article in The Hollywood Reporter described the festival's mood as lethargic, after it had "not yet pulled a masterpiece out of its hat" except for Ponyo on the Cliff by the Sea, a Japanese retelling of "The Little Mermaid." Why hasn't the festival attracted more gems this year? The fest's artistic director, Marco Mueller, blames the writers' strike for delaying movies that would have otherwise been ready. However, the Toronto International Film Festival, starting in just two days ahead of much anticipation, doesn't seem to be anticipating the same problem.

Why does it matter? After all, as one festival report in Variety points out, the "Venice fest has never been a major industry magnet." But it has been an important "awards season launching pad." If one of the smaller festivals falls in favor of the more Hollywood-driven, high-profile festivals, could others be far behind? Without the artsy festivals leading the way, how will people know which obscure movies they should pretend they've seen when Oscar season rolls around?