Oscars night is meant to celebrate the accomplishments of some of the most famous and talented actors and actresses on the planet, but for some watchers, it is really a celebration of the celebrities’ fashion sense. Most of the thespians have stylists, makeup artists and a whole lot of money, so it’s no mystery as to why we “ooh” and “aah” when they pose on the red carpet.

Whether they are good or bad, outfits worn to the Academy Awards are among the most anticipated in American fashion for the entire year. And the best part is they can be anything from a beautiful display of a designer’s artistry to a laughingstock that will be the subject of watercooler talks everywhere for at least the next work week. Either way, viewers are sure to be glued to the screen for hours before the awards are given, even if it means watching Giuliana Rancic show her wedding ring to anyone who will look for an hour and a half. Here are our picks for the best and worst of recent years.

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BEST DRESSED

Anne Hathaway: 2007 Oscars

Her gown wasn’t Prada, but the starlet of 2006’s best-dressed movie was also one of the best-dressed stars of the 2007 Academy Awards. Classic black-and-white Valentino with subtle bow-and -lace detailing, along with simple jewelry and classic makeup, let Hathaway’s natural beauty shine through.

Michelle Williams: 2006 Oscars

The fashion experts were split down the middle about Williams’s canary-yellow Vera Wang gown, but it really made her stand out from the pack of other 2006 dresses, which consisted mostly of light pastels and neutral tones. The dress, along with her perfectly balanced jewelry, old-Hollywood hair and vintage-red lipstick, made this a beautiful and memorable Oscars ensemble.

Halle Berry: 2005 Oscars

Fortunately for Halle, this over-one-shoulder, slim-fitting Versace dress showed off her Bond-girl bod. To avoid looking too harsh (tight dress paired with the tight physique tends to do that) she let her hair down and added dangly earrings to top off the look. Unfortunately, she didn’t look nearly that good the year she actually won.

Celebrities do some pretty crazy things, but some of the most insane are their blunders on the red carpet. Most of us can recall Bjork’s infamous swan dress at the 2001 Academy Awards, and fewer of us remember Cher’s 1988 almost completely sheer sheath. But who are the most recent offenders to knock the stilettos off the E! Red Carpet Patrol and horrify home viewers?

WORST DRESSED

Penélope Cruz: 2007 Oscars

Cruz topped many critics’ best-dressed lists in 2007, but between the Versace gown’s ballerina pink color, a quilted corset top and what appeared to be a muppet-skin skirt, it is beyond confusing as to why.

Hilary Swank: 2005 Oscars

Hilary Swank’s 2005 Academy Awards dress was probably a “million-dollar” ensemble, but it certainly wasn’t worth it. The high-necked, low-backed monstrosity looked like it was choking the actress to death, and while it showed off her physique from the rear, the long sleeves and practically turtleneck collar drowned her in navy blue blah-ness.

Jada Pinkett Smith: 2004 Oscars

Smith’s gown had way too much going on in 2004 with a rhinestone neckline, a sheer torso and a floral, fluffy hem; it was almost shameful that she was standing next to a best-dressed Will Smith all night. long.