It was a night when Hollywood took chances...some paid off and some didn't!  Strapless necklines ruled the night, and stars like Amy Adams and Taraji P. Henson were happy to show off some serious skin.  And while some ladies dazzled the red carpet with bright colors, white and ivory tones were the most popular choices for the evening.

Best Supporting Actress Penelope Cruz looked glamorous in her vintage Balmain gown while musician Alicia Keys was pretty in pink Armani Privé.  She kept it simple and stunning, topping off her strapless gown with soft, wavy hair.  

Nominee Marisa Tomei was a standout in her one-shouldered Versace gown with pleats all the way down the elegant train.  Anne Hathaway sparkled in a glittering strapless dress, also Armani Privé, that perfectly flattered her figure.  And actress Freida Pinto, star of big winner Slumdog Millionaire, turned heads in a brilliant blue one-sleeved John Galliano dress.  

Fashion expert Tim Gunn raved, "I saw so many stunning women in gorgeous clothes...Anne Hathaway in Armani Privé was simply breathtaking."  

But fashion critics say some of the world's most beautiful women played it a little too safe.

Angelina Jolie dazzled in a black sweetheart neckline Elie Saab and bright green emerald jewels, but VH1 News host Janell Snowden had a few complaints: "Angelina Jolie walked by in a strapless black gown; She's such a beautiful woman, but I kind of just wanted to see some color."

Best Actress Kate Winslet channeled Grace Kelly in slicked-back hair and a sophisticated one-shouldered steel gray Yves St. Laurent gown accented with black lace.

"Kate Winslet looked very regal.  She definitely looked like she was ready to take home some Oscar gold," observed Snowden.

And while Jessica Biel can usually make just about anything look good, her Prada dress, adorned with a huge floppy bow, hid her figure.

Beyoncé's black and gold dress showed off her curves, but some thought it was a little too gaudy.

Miley Cyrus didn't get rave reviews for her Zuhair Murad fairy princess gown.  Some fashion critics said she looked overdone in tiers of beaded fabric.

And Heidi Klum made a splash with her ruby-red Roland Mouret gown, but her too-simple hair and enormous earrings did nothing to flatter her lovely face this Oscar® night.

As for the guys, Oscar® host Hugh Jackman looked dapper in a custom Burberry tuxedo, while Mickey Rourke brought his unique look to the Academy's red carpet with a white Jean Paul Gaultier suit.  Rourke accessorized with a necklace carrying the picture of his beloved dog Loki, who passed away last week.

And who did INSIDE EDITION crown the best dressed?  Natalie Portman!

The actress looked stunning and received high praise for her pink strapless chiffon Rodarte gown.

And though screen legend Sophia Loren still looks stunning at 74, her pale yellow ruffled dress was unfortunately a miss.