There is nothing new here. Clint Eastwood is gritty character with a good heart. Morgan Freeman plays the support role well. Hilary Swank is great as an underdog who convinces the cynical Eastwood to train her to be a boxer.
Swank is excellent as Maggie Fitzgerald, the waitress who is so poor she has to eat her customers leftovers. Boxing is her ticket out of poverty, and Swank plays the role with a balance of naivete and cold determination.
Eastwood is Frankie Dunn, a veteran manager of boxers and owner of a boxing gym. Of course, he is reluctant to train Maggie at first but, as you would expect, he caves in (with some rules, of course). Dunn is a man who has seen it all - enough to know what to expect, and enough to know that regret and glory are both part of boxing.
It is the usual tale of an underdog fighting to the top, but the key is in how the story is told. Characters you sympathise with and cheer for, though are still all too human. Like the best sports films, this is more than just a tale of the sport, it is a tale about people and what they do with their lives. It is about what it means to have a chance at glory, and what it means to fail and have regrets.
Without giving away the ending, I found this a tough but absorbing watch. Even if you have no interest in boxing - I do not care for it as a sport - this is a film well worth your time. That is more than what you can say for other winners of the Best Picture Oscar.