YES, the stars have walked the red carpet once again for the 82nd Annual Academy Awards and of course, our attention is turned to the fabulous fashion.

Nicole Richie (in Reem Acra) and Joel Madden amused us with their James Bond-inspired take on Oscar fashion, and Jennifer Lopez somehow managed to make Armani Privé look like a polyester disaster.

But who were our favourites – and the shockers of the night? Here we go:

Best Dressed:

Maggie Gyllenhaal

Maggie arrived at the Kodak Theatre with Peter Saasgaard in a Dries van Noten gown, stepping up for her first Oscar nomination for her role in Crazy Heart. The 32-year-old actress impressed us with the colourful and graphic print dress which left is feeling, funnily enough, very uplifted for some reason.

Demi Moore

On regular red carpet events, Demi Moore has become a little boring for us. But tonight at the 2010 Oscars, the 47-year-old looked absolutely stunning in an Atelier Versace Spring 2008 blush tone gown, with a dramatic tired skirt and rose detail on the hip. She paired it with a Ferragamo clutch and Van Cleef & Arpels jewels.

Cameron Diaz

Cameron was our biggest surprise on the Oscars red carpet this year, as she presented the Best Animated Feature award to Up. She wore an Oscar de la Renta champagne tulle gown with metallic ribbon and gold paillette embroidery from the house’s Fall 2010 collection. She completes her goddess-inspired look with a Roger Vivier Haute Couture “Sesame” clutch, gold “Wagner” pumps by Brian Atwood, and white gold jewellery by Cartier.

Sandra Bullock

Our favourite hope for the Best Actress Oscar looked like a classic screen siren as she walked the red carpet in a glittering Marchesa Fall 2010 gown, with its embroidered illusion bodice and golden mermaid train. Yes, we still wish she’d smile a bit more at these events but we’ll settle for ogling that ultra gorgeous gown.

Kristen Stewart

For once in a long time, Twilight actress Kristen Stewart smiled on the red carpet or us! Perhaps, she felt as beautiful as she looked in her strapless midnight blue silk satin organza gown by Monique Lhullier and Bally shoes as she arrived for the 2010 Oscars at the Kodak Theatre. She completes the look with a H. Stern diamond Marquis bracelet in 18k white gold, worth a whopping US$224,000.

Rachel McAdams

The 31-year-old Canadian actress wowed the crowd on the red carpet with her softly muted floral gown from the Elie Saab Haute Couture line. The organza moussline dress with its sweetheart neckline and hand-pleated bodice featured delicate shades of pinks, blue and greens and was complimented perfectly by her satin Ferragamo clutch. Yes, it teeters between a daytime and nighttime look but we’re loving the ultra-feminine silhouette and perfect worksmanship.

And, who can forget, the Worst Dressed:

Sarah Jessica Parker

As usual, we think SJP was trying to go for something different – and different she was as she walked the red carpet in her pale yellow Chanel Spring 2010 Couture gown. We don’t even get how her gown stayed up because the sequin decolletage piece didn’t appear attached to anything, and the shapeless sheath was as uninteresting as it was uninspiring.

Diane Kruger

We had high hopes for Diane on the red carpet for the 2010 Oscars but they were immediately dashed when the Inglourious Basterds actress made her entrance. This Chanel Fall 2009 Couture gown is nothing but a mess for us and, worse still, totally engulfed Diane’s gorgeous body in a flurry of ivory and black ruffles and pleating. Shame…

Charlize Theron

We were crossing our fingers that by the time we wrote this, Charlize’s gown would have grown on us. But no, it hasn’t and we don’t think it will. The silhouette of her Christian Dior Spring 2010 Couture custom-made gown is impressive, but the two-tone pink threw us right off. The original champagne and silver version from the runway was much better, with the pink making it look like someone is cupping Charlize’s breasts from behind!

Zoe Saldana

This is another example of how something so gorgeous on the runway can look like a terribly mess on the red carpet. We gasped when Zoe appeared on the red carpet in this Givenchy couture gown, but not in a good way.

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