The Board of Governors have chosen their awardees (who now receive their awards on a separate night from the competitive Academy Award winners):
Jean-Luc Godard – an overwhelmingly worthy choice and one of the few genuine living legends still alive and kicking, though it’s a pretty safe bet that he won’t show up since he despises the US film industry in general and awards in particular. None of his films has ever been nominated for an Oscar, and I’m pretty sure France has never even submitted one of his films as their representative in the annual Foreign Language competition. Too bad Eric Rohmer couldn’t have lived just another year… 
David Brownlow – Very few non-industry types get this award (archivist and programmer Henri Langlois is one of the few exceptions), but Brownlow’s The Parade’s Gone By is essential for any true movie buff, and his varied work with film restorations and documentaries about the early days of the movies make him a worthy recipient. Couldn’t happen to a nicer guy, this ups my personal tally of Oscar-winners I’ve met and talked to. 
Eli Wallach – Viva Tuco! Never nominated for an Oscar himself, he’s worked in film for 50+ years with the likes of Ford, Leone, Kazan, Huston, Coppola, Donen, and others. This also makes the 5th cast member of The Magnificent Seven to get Academy recognition (McQueen & Vaughn were nominees, and Brynner and Coburn won Oscars)
Speaking of Francis Ford Coppola, Francis is receiving the Thalberg award (he’s already received 5 competitive Oscars for Patton and the first two Godfather’s). The Thalberg is not an Oscar statuette, but a bust of Irving G. meant to commemorate “a creative producer whose body of work reflects a consistently high quality of motion picture production.” The last film he directed to get Academy attention was Dracula almost 20 years ago, but he has produced, since then, daughter Sofia’s films (two of them Oscar-winners) as well as films directed by Godfather alums Duvall & DeNiro.