Charlize Theron arrives for the awards. (Reuters)

Los Angeles, Feb. 28 (Reuters): Dressed to kill, decked out in jewels so over the top they looked fake and teetering on jewel-encrusted shoes worth more than a small car, Hollywood?s beautiful people proved again on Sunday why the Oscar red carpet is the world?s greatest catwalk.

Inspired by the year?s most-nominated film The Aviator, the look was sleek and sophisticated with dresses that harked back to Hollywood?s golden era.

But not everybody was playing along.

Beyonce Knowles took her turn on the red carpet in black velvet Versace but dressed up to perform the nominated song from Phantom of the Opera in the biggest diamond necklace and earrings she could find, more chandelier than chic.

Walking the red carpet before the Oscars are handed out is almost as important for some as what goes on inside the theatre, a chance to shine in front of tens of millions of television viewers and make front pages around the world.

Australian Cate Blanchett, chose a pale yellow Valentino couture gown with a jewelled corsage on the shoulder and a burgundy band around the waist.

From Laura Linney to Renee Zellweger, stars sacrificed practicality for style, choosing strapless figure-hugging mermaid dresses that flared only at the knee, forcing them to teeter along on high heels.

Putting to bed her tomboy image, best actress winner Hilary Swank looked a different woman from the gutsy boxer in sweats that she played in Million Dollar Baby. She wore a smoky purple-tinged blue long sleeved dress by Guy Laroche with a high neck and a plunging back that had a classic vintage look.

Karen Loftus, fashion reporter for In Touch weekly, described the turnout as ?sleek, sophisticated and sexy.?

If there was an award for the biggest dress of the night, a strong contender would be last year?s best actress winner Charlize Theron who strode past in billowing baby blue lace layers and a train that would not have been out of place at a royal wedding.

Model Gisele Bundchen sashayed along on the arm of boyfriend Leonardo DiCaprio in a floaty white strapless puff of a dress with gold embroidery, in what Loftus said made the best actor nominee the best dressed man of the evening.

?He was wearing Gisele. What better thing can you wear than Gisele?? she asked.