The degree of overlap between this category and Best Sound Mixing was smaller this past season than it's been in a while, with only two films nominated for both. Will we see a repeat next year? For the sake of early predictions, it's nice to be as spread out as possible, so let's assume the answer is "yes" for the time being.
Pixar is on a roll in this category, having earned nominations for the last four consecutive years (even for work that may not have been that awards-worthy, but thus is the benefit of being a studio with a high reputation). Can they make it five years in a row with Cars 2. I can think of a few reasons why the streak may end, but Pixar is never that much of a longshot for Sound Editing.
Perhaps a longer shot would be Jon Favreau's Cowboys and Aliens, which looks like it may be a lot of fun, but not really up the Academy's alley. Nevertheless, David Farmer and company have an interesting opportunity to meld rip-roaring Western sound effects with sci-fi alien gadgetry.
Steven Spielberg has two big pictures that could find their way in here this year; War Horse and The Adventures of Tintin. The former, a late-release WWI drama with sound effects supervised by three-time Oscar winner Richard Hymns (Saving Private Ryan) seems like a good enough bet. The latter, a motion-capture adventure with big box-office potential and the attached prestige of a respected director at the helm is probably a formidable contender too.
Finally, one of the few original premises that aims to make some serious coin this summer is J.J. Abrams Super 8. The fact that it isn't based on a comic book hero or previous movie already gives it a leg up with the Academy, who tend to stay away from blockbuster sequels unless they're absolutely amazing. Super 8 looks like it'll have lots of nice loud sound effects to satisfy the sound branch.
Predicted five:
The Adventures of Tintin: The Secret of the Unicorn
Cars 2
Cowboys and Aliens
Super 8
War Horse
Also consider: Captain America, The Green Lantern, Transformers 3, Pirates of the Caribbean 4