I've professed my love of cape coats before (see here). I'm generally obsessed with the real world adaptation of this fairytale-style fashion, so I was happy to see Gwyneth Paltrow's take on this trend last night at the Oscars. Her snow white (pun intended) ensemble is by Tom Ford. Definitely my pick for best dressed.
My choice for worst dressed would be Stacy Keibler in this Marchesa gown. Sorry, but it looks like a dress you'd see on the red carpet in the late 80's/mixed with an actual Oscar trophy: