Red Carpet ConfidentialBest Dressed at the 2008 Academy Awards

Goodbye strike, hello glam! See the most stunning stars – Cameron! Jennifer! – at this year's Oscars. By Melissa Liebling-Goldberg

PENÉLOPE CRUZ photo | Penelope Cruz

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PENÉLOPE CRUZ

The always-glamorous star sweeps down the red carpet in a Chanel Haute Couture navy feather embroidered gown – designed by Karl Lagerfeld just for her, no less! – accessorized with a Roger Vivier clutch and Chopard diamonds.

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Credit: Kevork Djansezian/AP

Updated: Sunday Feb 24, 2008 | 09:15 PM EST