My favorite part about last night's red carpet -- and many of the red carpets in the weeks leading up to last night -- was the understated elegance going on. A nod to the troubled economy? Likely.

The big jaw-dropping jewels were, for the most part (I'm still wondering if Angelina Jolie's emerald earrings were the real deal), left at home. Instead, the stars focused on adding umph to their best features with their gowns.

A perfect example? Meryl Streep in that off-the-shoulder gray dress by Alberta Ferretti. No fuss or fancy color (not Meryl's style). Just pure and simple elegance.

For the most part, the dresses did the talking rather than all the accessories. Like the big fluffy Christian Dior ball gown Sarah Jessica Parker wore (and nearly fell out of). Or the red architectural gem by Roland Mouret that Heidi Klum wore. That thigh-high slit said it all.

Other continuing trends: the one-shoulder look (Marisa Tomei and Kate Winslet) and belted ball gowns (SJP and Miley Cyrus' dresses).

A more recent trend, however, is the pale dress, which almost seems to have taken off ever since Michelle Obama wore a white gown to the Inaugural balls last month. Anne Hathaway, Melissa George, Evan Rachel Wood (Raleigh girl who was less goth and more elegance last night in an Elie Saab strapless gown that showed off her tattoos) and Marisa Tomei all went light.

If I had to pick a favorite "wow" moment from last night, it came from Meryl, followed closely by Angelina arriving and turning around to show off her enviable cascading dark locks.

Not every guy can dress like George Clooney at the Oscars ...

At least he's wearing a suit, right?

Next year: a tie.

I'm just thankful that Beyonce had the good sense to keep her jewelry box firmly shut tonight. I don't think we could have handled much more from this look.

Would it have been more bearable as a straight gown rather than a mermaid shape?

Without the big print?

Maybe just in all black?

I don't think I've ever seen Meryl looking so good ... even in grey!

I think it's the off-the-shoulder neckline, which is just so flattering on her (and so many women!). And the side ruching helps make it fit perfectly for her shape. 

Love that she brought her daughter as her date! (see her to the left, looking hot as well in a taupe skin-tight dress)

Angie shed the dove grey, which has been her color of choice this awards season, for a serious black strapless gown.

But even better than the simple, but elegant gown is her hair. Love it long and curled.

And check out those emerald earrings ... real?

Now that is a dress.

What should we call it? Exaggerated ball gown?

Who else could pull that off but Sarah Jessica Parker? (But is she going to pop out?)

She called it "barely mint." It's by Christian Dior. Cinderella-like, but very modern with the belt!

(I'm still worried for SJP about a wardrobe malfunction.)

She also gave all "Sex and the City" fans a thrill by talking about "SATC: The Movie 2."

These two "Slumdog Millionaire" stars are just so cute and seem to be the belles of the red carpet tonight (umm ... that is, until Angelina and Brad arrived).

Dev Patel is wearing a Burberry tux and Freida Pinto is again wearing a John Galliano gown (love that jewel tone!) with a Judith Leiber clutch. Her jewelry is from Martin Katz ... the ring set has a 150-year-old diamond from India.

I love that Taraji P. Henson ("The Curious Case of Benjamin Button") opted not to do a trendy up-do. Just love that bob!

I'm over her ruched mermaid gown. But love that she picked white. Very Michelle Obama! And like her berry red clutch. A lovely pop of color.

(Very bummed that Ryan Seacrest didn't ask her who made the dress! I'm sure the designer is too!)

Is that you, Baby?

Wow. Time has been good to you, hon (or is it more cosmetic surgery?).

It's more than just a sequined bodice on Miley Cyrus' Oscar gown.

I still have trouble getting what the fuss is about her, but I like this gown (by Lebanese designer Zuhair Murad). Perhaps the silhouette is a little mature for her age, but the sparkles and tiered petals give it a youthful twist.