Gwyneth Paltrow's white Tom Ford gown is beyond stunning, but girlfriend needs to lose that cape ... STAT!

The 39-year-old Oscar-winning actress was decked out in Anna Hu jewelry and Jimmy Choo platform sandals. Oh, and that faux glo was applied by make-up artist Leslie Lopez. Gotta love that skin by St. Tropez.

Although the simple white dress is a hit, we gotta say that hair 'do is a bit of hair don't. Maybe next year, Gwynnie!

Jennifer Lopez looks gorgeous in her creme-colored Zuhair Murad gown, but that debutante bun has been used before. Come on, JLo ... let's leave that hair in the past.

The 42-year-old Latina, who will be presenting tonight, decided to walk the red carpet without her young 24-year-old boy toy Casper Smart. Hmmm ... trouble in paradise?

Let's be honest though ... JLo could wear a paper bag and still look saucy!

Best Actress nominee Michelle Williams looked gorgeous in a coral Louis Vuitton gown, Christian Louboutin shoes, a Bottega Venetta bag and Fred Leighton jewels at the 2012 Oscars at the Hollywood & Highland Center, on Sunday.

The 31-year-old actress is nominated tonight for her work in My Week With Marilyn, and she brought along her BFF, Cougar Town star Busy Phillips, as her date!

Williams was nominated for a Best Supporting Actress Oscar in 2005 for her role in Broke Back Mountain, but lost out to Rachel Weisz for The Constant Gardener.

Natalie Portman went retro chic in her red Dior Haute Couture gown from Rare Vintage's 1954 collection.

The 30-year-old Black Swan beauty, who took home an Oscar last year for her role as a wicked ballerina, also wore Harry Winston jewels, Dior shoes and carried a Charlotte Olympia bag.

This year, besides looking drop dead gorgeous, Portman will be presenting. Natalie's baby daddy, Benjamin Millipied, is one lucky guy!

Oscar winner Sandra Bullock showed off her gorgeous back in a chic black, white and gold Marchesa gown, paired with Lorraine Schwartz jewels, at the Academy Awards, on Sunday evening.

Bullock, who won Best Actress for her role as Leigh Anne Tuohy in 2010 for The Blind Side, will be presenting at tonight's awards show.

Her film, Extremely Loud and Incredibly Close, is also nominated for Best Picture, and her costar, Max Von Sydow, is nominated for Best Supporting Actor.

The always stunning Penelope Cruz looked drop-dead gorgeous in a custom silver Giorgio Armani organza gown, paired with Chopard jewelry, at the Academy Awards Sunday evening.

Cruz was the first Spanish actress in history to receive an Academy Award, and she's serving as one of tonight's presenters.

What do you think of Penelope's red carpet look?

Shailene Woodley stepped out in a stunning white Valentino Couture gown paired with Ferragamo heels, Harry Winston jewels, and a Valentino clutch at the 84th annual Academy Awards, on Sunday.

Woodley isn't nominated this year, but she is at the ceremony to lend support to her Descendants costar, Best Actor nominee George Clooney.

The film is also nominated for Best Picture, and centers on a father's attempt to reconnect with his daughters.

Nominated tonight for a Best Actor Oscar for his role in The Artist, Jean Dujardin hit the red carpet at the 2012 Oscars in style, on Sunday evening.

Dujardin's best accessory for Hollywood's biggest night was his gorgeous wife, Alexandra Lamy, and the French actor definitely has some tough competition!

Jean is competing against Demian Bichir, George Clooney, Gary Oldman, and Brad Pitt tonight -- think he'll stand a chance against Clooney?