Is it "gob-smackingly awful?"
Yes. It's certainly embarrassingly twee. I was cringing for long sections of it, as cliché after cliché rolled across the screen (check out the "Oirish" immigrants). Cameron is a good director of action, but at all costs he should be kept away from script-writing.
I should also point out that both the Oscars and Golden Globes are notorious for being influenced by a film's popularity. If the film is a big enough spectacle, and it sells, it may win big, even if it's mediocre at best. By the time you got to the end of the SFX in Titanic you'd forgotten just how terrible the first half was.
M