79th Annual Academy Awards
As I type, it's still going on, but the best part has already happened; Jennifer Hudson won the award for Best Supporting Actress.
As for the rest, who really cares? Alan Arkin? Happy Feet?
Best joke: Algore feigning self-importance.
UPDATE - Most exquisite moment of Hollywood pretentiousness: camera cut to Stephen Spielberg and Kate Capshaw (among others) pretending to understand what Ennio Morricone was saying in ITALIAN!!! Oh, it was beautiful!
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