Feb. 26, 2012 at 10:00 PM ET
It's only the most important honor of the night: Who wore it best on the red carpet.
Check out Angelina Jolie, Michelle Williams, and more A-list celebrities who dazzled in glamorous gowns.
And at the bottom of this post, vote for your favorite ... or name someone else who you liked better in the comments. (Was Miss Piggy snubbed? Let us know!)
Jessica Chastain's custom Alexander McQueen bustier gown complemented her fair skin and red hair in a beautifully dark and dramatic way.
Gwyneth Paltrow, in Tom Ford, proved less is more in a sleek, striking silhouette. Could be my favorite of the night.
Michelle Williams stayed true to her personal style, but turned up the volume in a bright coral Louis Vuitton peplum dress.
Confident and glowing, Octavia Spencer shined in her designer of choice, Tadashi Shoji.
Penelope Cruz graced the carpet in a Giorgio Armani ball gown, perfectly suited for a fairy tale.
Cameron Diaz's Gucci gown was both expected and exceptional — a bit safe for a fashion-savvy gal.
Natalie Portman, in vintage Christian Dior, dared to wear a polka dot print dress on the carpet. Marvelous or Minnie Mouse?
Emma Stone wooed fashionistas in a Giambattista Valli, reminiscent of a past Nicole Kidman look, but the oversized bow may have been overwhelming.
Polished and pretty, Melissa McCarthy looked lovely in a soft rose Marina Rinaldi gown.
Golden girl Meryl Streep took a risk in a reflective, metallic Lanvin draped dress.
Sandra Bullock said she was feeling "sexy" in her slinky black and white Marchesa. It's a fun, fashion-forward look.
Stunning Angelina Jolie stepped out, literally, in her thigh-high slit Versace Atelier. But she failed to top her Golden Globes gown (also Versace).