I wouldn't be a true Minnesotan if I didn't repost this documentary about the making of this movie. You betcha.
The film earned seven Academy Award nominations, winning two for Best Original Screenplay for the Coens and Best Actress in a Leading Role for McDormand. It also won the BAFTA Award and the Award for Best Director for Joel Coen at the 1996 Cannes Film Festival.Via Neatorama.
In 2006 it was deemed "culturally, historically, or aesthetically significant" and inducted into the United States National Film Registry. It is currently the most recently made feature length film in the Registry."