I second everything Paul has written about Hugo, and add that it must be seen in the cinema. More than most movies, the experience of Hugo will turn into something else on the small (or at least smaller) home screen.

To be fair, I haven't seen The Artist yet, but to have Hugo singled out as the year's best film is not insane. Not only is it a Martin Scorsese film, it's the best Martin Scorsese film since GoodFellas. (And such good acting. Helen McCrory!)