Sure the VFX team (company went bankrupt if I recall correctly) deserves a lot of praise....
BUT imagine being Lee on that set. Shouting out direction to actors of what they are supposed to be seeing, how they are supposed to act and react to shyt that's not there. Getting emotion out of them when they're sitting in a fake boat surrounded by equipment and green screen.
AN INVISIBLE fukkING TIGER!!! How do you react to that?
Not to mention getting the crew organized enough to even accomplish something like this.
Life of Pi used to be considered an unfilmable book.
That's why he deserved the award.