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It is a shame that Jackson missed out on the director's award, but I think he still has a good shot at the Oscar
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It actually is not that terrible that he missed out on the directing BAFTA. He received that award in 2002 for FOTR. The British academy has actually been much more congratulatory to LOTR than the Oscars have been in the past.
We really have only one more major test left, and that is the Screen Actors Guild this Sunday. ROTK is nominated for just one award, but it is a biggie, and that is Best Ensemble. If they win this, every person who was on the main credits (Elijah through Sean Bean, actors only) gets an award. Even though some of them only appeared in the film for about 5 minutes.