(Editor's Notes: As the fashion credits come rolling in, this post will be live updated with more celebrities and trend recaps. Besides - you're here for the celeb photos!)

Red carpet trends:

White Hot: as seen on Shailene Woodley, Milla Jovovich, Octavia Spencer, Rooney Mara, Kelly Ripa, Sandra Bullock, Jennifer Lopez and Gwyneth Paltrow

Peplums: as seen on Tina Fey and Michelle Williams

The Gilded Lady: as seen on Jessica Chastain, Stacy Kiebler, Sandra Bullock and Meryl Streep

Purple reign: Maya Rudolph, Sarah Hyland, Penelope Cruz and Virginia Madsen

Drama down below: Cameron Diaz, Viola Davis, Kate Mara, Kristen Wiig and Louise Roe

Click through the gallery below for the latest images from the Oscars 2012 Red Carpet. Who do you think is best dressed?

Photo credit

Let's take a pause from New York Fashion Week coverage (don't fret, there are many more posts to come) to examine this evening's Oscar gowns.  I love how embelleshed and ornate some of the choices were (Anne Hathaway, Miley Cyrus, Marissa Tomei), but extremely disliked how boring others were (Angelina Jolie).  Let's not talk about how bored Jessica Biel looked, or how Jennifer Aniston ripped off Lauren Conrad's signature braid ala The Hills - I'm sure the gossip sites will do a much better job than I.

For your consideration, check out what this year's finest crop of actresses chose to wear on the Oscars 2009 red carpet below.