While you were tucked up in bed last night, the crème de la crème of Hollywood were stepping onto the red carpet for the 84th Academy Awards. Of course, Grazia Daily stayed up until the wee hours to bring you our gallery of dresses (have a gander here) - but after having a few hours to reflect, we can share the good, the bad and the (dare we say it) down right ugly. So take a look then vote for your Best Dressed from the Oscars 2012...

The Best Dressed

1. Michelle Williams in Louis Vuitton: She may have missed out on the Best Actress award (Meryl Streep pipped her to the post), but Michelle Williams came up trumps on the red carpet front thanks to this super-cute coral-slash-red gown with a ruched bustline and peplum skirt. It was great to see Michelle vamping it up a notch in such a fiery shade compared to the more demure H&M outfit she wore at the BAFTA Awards. Go Michelle!

2. Gwyneth Paltrow in Tom Ford: Wow, what can we say? A vision in white, Gwyneth set fashion pulses racing in this striking oyster dress and cape from Tom Ford’s uber-exclusive label. For those who can't break away from the layers of organza and voluminous tulle, watch. and. learn.

3. Meryl Streep in Lanvin: What a a fantastic dress choice this is - and even better considering Meryl won the Best Actress award (congrats!). This really is a style masterclass in what to wear if you find yourself in the (slightly more) mature category, especially when showing arms + major cleavage isn’t for you. Respect!

4. Emma Stone in Giambattista Valli Haute Couture: Each and every time she hits the red carpet, Ms Stone has us obsessed not just by how beautiful she looks, but by her ability to outshine her fellow red carpet goers without a splash of sequins or a cut-to-the-navel frock. This high-necked gown with a bow is utterly elegant while her flawless skin plus red hair make the perfect canvas. She deserves a massive thumbs up for this one.

5. Milla Jovovich in Elie Saab Couture: Hello old school Hollywood glamour! The model-turned-actress looks a million dollars in her embellished one shoulder gown. And when teamed with her signature retro hair do, red lips and boxy Edie Parker clutch, we’re obsessed.

6. Octavia Spencer in Tadashi Shoji: Octavia doesn’t need any *ahem* help when it comes to her glamazon look. We're loving the minimalist approach and that gathering at the waist enhances her fabulous curves, while the ivory/silver colourway is just classic.

On The Fence

1. Natalie Portman in Vintage Dior: Forgive us if you love Natalie’s look as we very nearly put her in the Best Dressed category. This vintage polka dot gown has a lot of potential, but there’s just something missing that we can’t quite put our finger on. Could it be the slightly too old-fashioned neckline? We need you to wade in!

2. Rooney Mara in Givenchy Haute Couture by Riccardo Tisci: Now Rooney is a tricky one. Her gown is dramatically gorgeous, despite it being a tad too loose (considering she chose it the morning before the event, we can forgive her), but it's a little predictable, dontcha think? After all, this is her SIXTH Givenchy red carpet look! C'mon Rooney, we want colour!

3. Jennifer Lopez in Zuhair Murad: Oh J.Lo, you look HOT, but we can’t help sensing that if you move out of this poised pose for one second, everything is going to fall out. And we can't be having that.

4. Jessica Chastain in Alexander McQueen: Perfectly harmless and an incredible piece of craftsmanship, but the Best Supporting Actress nominee let this gown down on the accessories side, making it look a little 'meh'. Who said less is more anyway?!

The Worst Dressed

1. Sandra Bullock in Marchesa: Her film Extremely Loud & Incredibly Close may have been nominated for Best Picture, but Sandra won the only award for worst dressed. No no no!

2. Stacey Keibler in Marchesa: Wow. For some reason WWE wrestler Stacey felt her super-hot date (hello George Clooney!) plus her stunning Amazonian looks weren't enough to capture the press’ attention - and so she dressed as an Oscar statuette. Sunglasses please.

3. Angelina Jolie in Atelier Versace: Angelina, Angelina, Angelina. This luxurious jet black velvet gown had the potential to blow us away - the beautiful contrast with her milky white complexion and those fantastically toned arms - but what is with the leg?! If it's a personal joke between you and Brad, it is NOT for public viewing.

But what say you, dear readers? Do you agree with our choices? Join the jury in the comments box below...