In retrospect, I think Good Night and Good Luck got nominated because of the novelty factors: Black and White, it had some innovative artistic decicions, etc, as well as the surging popularity of George Clooney at the time.
In truth, it wasn't that much of a film aside from David Strathain's performance and the jazz numbers. It was a film I would describe as narratively bare.
What's more, I don't really agree with this whole "good journalism is dead" theme. Look at Anderson Cooper and Brian Williams. Those guys are thoughtful, inquisitive, highly intelligent, compassionate to the issues that are troubling Americans and I feel highly professional. They've displayed intelligent viewpoints on Iraq long before the rest of the nation did and have continually donated their time to travel away from the anchor desk and cover Katrina to ensure that the nation does not forget that. Brian Williams flew to Virginia Tech within a day of the shootings (either the day of or the day after). Cooper travelled to Iraq and Katrina multiple times. Another great news journalist, Tom Brokaw, had an excellent sense of professionalism and wrote a couple excellent books
The media also did an excellent job on the whole in covering the tsunami disasters that marked the beginning of 2005. I was personally touched with the way the media led our nation to care so deeply for people halfway around the world.
And whose to say that they wouldn't have stood up to Eugene McCarthy if they were around back then. If anything, journalists back then were dumber, because they didn't call out the HUAC sooner, and if everyone EXCEPT for Edward R Murrow bowed to McCarthy, then it doesn't sound like a respectful era.