Oscar® Fashions Hits and Misses

It's not a Hollywood award ceremony without a look at the fashion choices of the stars.

Anne Hathway, Sandra Bullock, Penelope Cruz, Jennifer Lawrence and Jennifer Hudson all painted Hollywood red! Oscar®'s leading ladies made the classic color the biggest trend of the night. We dished on all the best and worst dressed with E! News anchor Giuliana Rancic.

"The truth is, if you wear the right shade of red, you really pop on this red carpet. I think we saw that in Sandra Bullock," said Rancic.

Penelope Cruz, who gave birth just last month, was one hot mama in a sequined L'Wren Scott. Newcomer Jennifer Lawrence, nominated for Winter's Bone, chose a tank dress by Calvin Klein that was understated, but sexy.

"It was all about the red dress and that gorgeous figure," said Rancic.

Jennifer Hudson's plunging Versace dress was actually tangerine. But it was her new slim physique that left everyone buzzing. Hudson won't say exactly how much weight she's lost.

There were stunning metallic gowns on Gwyneth Paltrow, Hilary Swank and Celine Dion, with Paltrow shining in one of the night's best looks.

Rancic said, "It was a very modern look for the Oscars® and still so incredibly classy and beautiful. I thought Gwyneth Paltrow hit it out of the park tonight."

Michelle Williams, Mandy Moore, and Halle Berry were all knockouts in body-hugging neutral dresses. Halle Berry wore a nude, crystal-encrusted gown by Marchesa.

Rancic said, "Halle Berry looked absolutely gorgeous. She's obviously been going through a lot of personal drama recently, and sometimes that's what it takes to really step it up on a red carpet and say 'I am going to look hot tonight.' "

True Grit's Hailee Steinfeld, a nominee at just 14 years old, wore a nude dress by Marchesa that was charming and age-appropriate. She actually had a hand in designing it.

"It was a sigh of relief that she didn't try to look like an older woman," noted Rancic.

Speaking of older women, 65-year-old Helen Mirren couldn't have looked better in Vivienne Westwood.

The women of Black Swan both chose striking shades of purple. Mila Kunis wore a romantic dress with sheer lace panels and a very low neckline by Elie Saab.

And of course, Natalie Portman was a vision in her dress by Rodarte.

Cate Blanchett's beaded lilac gown by Givenchy was the most talked-about look of the night.

"It's literally the most unique and modern look we've ever seen on a red carpet. I love when Cate Blancett pushes the envelope of fasion. She's the only one who could have worn that dress. The dress goes beyond a gown into a piece of art," said Rancic.

Nicole Kidman's white gown wasn't a hit with everyone, including Rancic who said, "It just didn't work. I think it was too much fabric, and too much details with a criss cross in the front. It felt like it came from the Pope's wardrobe."

Melissa Leo was an Oscar® winner, but many are saying her "doily dress" was not. And some say Marisa Tomei's vintage gown was too busy at the bottom.

Scarlett Johansson wore a lacy gown with a dissheveled bob hairdo.

"This is the Oscars®. The Oscars® are the epitome of class. I thought her hair was just way too undone," said Rancic.

Reese Witherspoon's '60's hairdo also raised a few eyebrows. She said that she settled on her black and white Armani gown at the very last minute.

"It felt like Barbie going to the Oscars®. She looked very pretty. I didn't feel like it was a fashionable statement," said Rancic.

Helena Bonham Carter also wore black, which was a vast improvement over her Golden Globes getup.

"I expected her to come in something where we would say, 'What is she wearing?' "

Eccentric as ever, she flashed a Union Jack flag that was tied to her right leg.