What is it? Another story spanning 40 years, this time in the lives of an upper-class English couple as they see off the Boer War, Queen Victoria's death, the sinking of the Titanic and World War I. Yes, it's based on a Noel "stiff upper lip" Coward story.
Why did it win? Epic sweep was always popular at the Awards, and this one has that to spare - and also those high production values that go over so well in awards season, with lush recreations of the time portrayed and quality performances (by the standards of the time). It's a good film; perhaps we shouldn't fault it for not being groundbreaking.
Did it deserve to win? Probably not, in retrospect. While Cavalcade has a certain epic sweep and trademark Cowardian wit, this was the year that King Kong was released (and not nominated for anything) and among the eight nominees the ones that have held up best are probably 42nd Street and Mae West's She Done Him Wrong. Capra's original Lady for a Day is also worth a look.
Worth a look? Rather a moot point, because it's near-impossible to find.