It’s the biggest red carpet event of the year… the Oscars! Honestly, after seeing some great gowns at the SAG Awards and Golden Globes this year, we were a little disappointed with a lot of the fashion at the Academy Awards. We’ll start with our favorites (as always!) Gwyneth Paltrow (pictured, top left) was bringing it like she did back in the day in this caped Tom Ford creation. Newcomer and first-time nominee Jessica Chastain (pictured, top right) looked glorious in a gold-embroidered black gown by Alexander McQueen with $2 million worth of Harry Winston yellow diamonds to go with it! Chastain looked just lovely with her red locks half-up, half-down, which perfectly complemented her strapless dress (just like Blair’s prom gown!) Penelope Cruz (pictured, below left) looked like she was straight out of 1950s Hollywood in a custom lavender Giorgio Armani gown, perfectly coiffed curls and 114 carats of Chopard diamonds! E! anchor (and star of one of our own guilty pleasures Giuliana & Bill) Giuliana Rancic (pictured, below right) looked better than most of the people she interviewed in her stunning Tony Ward Spring 2012 couture gown! She looked phenomenal, especially considering she just recovered from a double mastectomy. New mom Natalie Portman (pictured, bottom right) looked adorable in her polka-dotted Dior Haute Couture dress (she is the face of Miss Dior), and one large diamond necklace from Harry Winston. Octavia Spencer (pictured, bottom left) stayed faithful to Tadashi Shoji, wearing a beautifully-embroidered gown and 50-carat Neil Lane diamond earrings that looked like mini chandeliers! While these girls looked just great, lots of our other favorites disappointed us. We were bummed Viola Davis didn’t win Best Actress (although Meryl does get robbed nearly every year…), but we were equally disappointed with her ill-fitting Vera Wang gown, after looking gorgeous all season. Kristen Wiig looks awesome as a brunette, but not in nude; Rooney Mara’s bangs and bondage dresses have got to go; and Emma Stone, take a cue from fellow gorgeous ginger-haired girl, like Jessica Chastain: avoid colors from the red family! The color of her hair and gown was too close. We would have preferred black, hunter green or navy on the funny lady. And from our not-so-favorites? Angelina Jolie… wow, you picked black again? Shocking! While we love the color black probably more than most things on Earth, we get it… so do you. We did not like the thigh-high slit, red lips and constant posing. We get it. You love yourself more than life itself. Stop shaking your hair like there’s a fan blowing it back. Jennifer Lopez looked ridiculous with the skin-tight dress, slicked backed hair with a bouffant, and a nip slip to boot. Otherwise, not much excited us fashion-wise last night other than these fashion stunners. Better luck next year! At least the show was entertaining!