Last Night's Look: Love it or Leave it?Check out the head-turning outfits Katie Holmes, Fergie and more stars were just spotted in! Then decide – fabulous or fashion fail?

HILARY SWANK

Also at the amfAR gala in N.Y.C., the actress trades in her signature minis and takes a definite fashion risk in a tea-length frock featuring black lace detailing and cap sleeves.