I saw The Town yesterday and rather than give my review I will give my impression on any Oscar consideration.
There is no doubt that Ben Affleck can direct. The chase scenes are well done (no shaky cam). The pacing is a little slow, but I think it helps to build the tension that Affleck is trying to achieve. His acting is very low key and honestly not that great. I felt like he had a smirk on his face the entire movie. Jeremy Renner is great. You can feel the tension in every scene that he is in. He could possibly show up on the Best Supporting Actor list.
This movie does not feel like a Best Picture. It is not an "artsy" movie like most nominations tend to be. Ben Affleck may come away with a Best Director nod, but that also seems unlikely. It is a very good movie, but not Oscar good.