The 2010 Academy Awards held our attention and we didn’t even have to stifle yawns: Hosts Alec Baldwin and Steve Martin made us howl with laughter (so did NPH’s surprise performance!), Kristen Stewart actually dressed up, and our favorite A-listers rocked the red carpet with risks.  Here, the Top 5 dresses of the night, plus a quick-hit trend report.

1. DIANE KRUGER

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Diane always looks gorgeous, but we fell in love with her head-to-toe Chanel ensemble. The couture gown had layers of blush delicate chiffon plus a sleek black neckline, both with embroidered details. Her ensemble was more avant-garde then most of the stars’ choices, and that’s why we love Diane.  She takes the risks and – most important – pulls them off.  The Chanel “Camelia Nervure” brooch that anchored her updo, only added to the edgy sophistication of her look.

2. MILEY CYRUS

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Surprisingly, we adored Miley Cyrus’s get-up—it felt lighter and fresher than her choice last year (did someone say bad bridal gown?).  This year, she sauntered down the carpet and on the stage in a champagne-hued strapless Jenny Packham gown, complete with sequins and beading. She looked soft, sweet, and remarkably her age for once.

3. AMANDA SEYFRIED

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The Dear John star and current Hollywood sweetheart is more than just a pretty face—and made the smart fashion choices to prove it. Unlike any other red-carpet walker, Seyfried looked absolutely ethereal in mint green – an airy, celestial confection from Giorgio Armani’s Prive Collection. The Swarovski-encrusted bodice was complemented by an armful of on-trend bangles.

4. DEMI MOORE

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The ageless star continues to wow with her incredible body and forward-thinking fashion choices. We loved her soft chiffon Atelier Versace. The of-the-moment blush hue paired with the high-low hemline many A-listers rocked (Carey Mulligan, Zoe Saldana) made Moore a true style standout.  Her Van Cleef jewels were just icing on the proverbial cake.

5. SARAH JESSICA PARKER

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We’ve always loved SJP for her bold fashion choices, and last night was no exception. Parker looked like a sexed-up version of a Grecian column in her Chanel Couture gown. The silk buttery yellow gown was complemented with silver beading across the bust and straight around the back. SJP, we love you. Your fashion choices are second-to-none.

HONORABLE MENTION: SANDRA BULLOCK

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How could we forget the night’s Best Actress winner, Sandra Bullock. The Blind Side star simply glowed in her champagne and lace Marchesa gown. The straight clean lines juxtaposed perfectly with the dress’ embellishments. With sleek hair and bold red lips to boot, we would have picked her to win Best Dressed anyway.

TREND ALERT: GOLD!

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Almost every babe on the carpet was sporting some iteration of gold—whether it be blinged out like Diaz’s glittering Oscar de la Renta gown that rang nothing short of regal, or as overall embellishment like Carey Mulligan sported on her interesting black Prada dress. We also saw golden stitching on Gabourey Sibide’s Marchesa gown and couldn’t help but note that both Bullock and Cyrus were wearing a version of the metallic hue.

TREND ALERT: EARRINGS!

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With almost every actress rocking some variation of a strapless gown, we were surprised (and pleased) to see that almost everyone kept their décolletage clean, choosing statement earrings instead. We loved Rachel McAdams bold choice of over-the-top chandeliers just as much as we heart the Chopard line-drop diamond earrings that nominee Penelope Cruz paired with her Donna Karan gown. Newbie Mulligan was spot on yet again with her incredibly large (and edgy!) Fred Leighton diamond chandelier shoulder-skimmers.

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