On Sunday, Februay 26, 2012, the stars strutted their stuff on the biggest red carpet of the year: The Oscars. The fashion at the Academy Awards is usually the most formal and fabulous of all during awards season - and the 2012 Oscars certainly did not disappoint. Here are my picks for the best and worst dressed at this year's Academy Awards.
Williams looked gorgeous yet adorable with her short blonde hair and Louis Vuitton strapless red gown. The diamond bow accent on the waist and peplum detailing completed the look.

Photo: Heather Ikei / ©A.M.P.A.S.
Michelle Williams, Oscar® nominee for Performance by an Actress in a Leading Role, arrives for the 84th Annual Academy Awards®.
It had a plunging neckline, cut-out sleeves and looked somewhat like an optical illusion, but it worked and J-Lo shone on the red carpet.

Photo: Heather Ikei / ©A.M.P.A.S.
Jennifer Lopez arrives for the 84th Annual Academy Awards® from Hollywood.
Did you know that Rooney Mara's pearl-coloured mermaid gown was actually custom designed with Riccardo Tisci? Says Mara: "They were very generous in letting me give them my input and were the first people to approach me about an Oscar gown." Overall reaction to her red-carpet look? Stunning and so much better than her movie. (Sorry, should’ve saved my Ricky Gervais side for the Golden Globes fashion blog.)

Photo: Matt Petit / ©A.M.P.A.S.
Rooney Mara, Oscar® nominee for Performance by an Actress in a Leading Role, arrives at the 84th Annual Academy Awards®.
Angelina Jolie stunned in a revealing, strapless, black velvet Atelier Versace gown that could make a thigh-high slit gown blush (and what was with the leg reveal when she presented an Award?). Hmm, there seems to be a not-so-conservative theme going on this year... not just for Angelina Jolie, but also with the sea of strapless gowns that dominated the red carpet.

Photo: Heather Ikei / ©A.M.P.A.S.
Angelina Jolie arrives at the 84th Annual Academy Awards® from Hollywood.
Gwyneth Paltrow arrived in a white Tom Ford cape dress. Yes, you read that right – cape dress! It exuded superhero chic, and I thought she looked like a statue-esque goddess - but I know many people that didn’t like the look. At least it turned a few heads.

Photo: Heather Ikei / ©A.M.P.A.S.
Gwyneth Paltrow arrives for the 84th Annual Academy Awards® from Hollywood.

Where was Emma Stone in 2007?! Apparently not at or watching the Oscars. Now, I didn’t even notice this but it trickled down to news/Twitter/you-name-it: Stone's stunning red halter couture gown with a bow on the right shoulder looked almost identical to Nicole Kidman’s red halter gown with a bow on the right shoulder a few years back. Five years isn’t long enough for vintage retro… or is it?

Photo: Heather Ikei / ©A.M.P.A.S.
Emma Stone arrives for the 84th Annual Academy Awards® from Hollywood.
Oh no, Viola! Did you run into an accident on the way here? Your dress! It’s… oh wait... it’s supposed to look like that? Davis's strapless green gown just had too much going on – with pleats, seams, and embellishments all over the place. This is definitely an example of what NOT to wear (even if it’s designed by Vera Wang, as it was in this case).

Photo: Bryan Crowe / ©A.M.P.A.S.
Viola Davis, Oscar® nominee for Performance by an Actress in a Leading Role, arrives for the 84th Annual Academy Awards®.
From Bridesmaids actress Rose Byrne in her black sequined single-shoulder dress, to House Bunny star Anna Faris in her blonde bob and sequined black gown, sparkly sequins were all over the red carpet this year.

Photo: Heather Ikei / ©A.M.P.A.S.
Rose Byrne arrives at the 84th Annual Academy Awards®.
The press picked up on it immediately and called this year’s Oscars 2012 fashion, “red hot-and haute.” From Michelle William’s stunning red Louis Vuitton gown (which apparently was actually coral, but it sure photographed red!) to Ellie Kemper’s bronze-ish red tinted gown, warm colours were on more than just the carpet.

Photo: Heather Ikei / ©A.M.P.A.S.
Ellie Kemper arrives at the 84th Annual Academy Awards® from Hollywood, CA February 26, 2012.