Host Jon Stewart has some good lines in there, but it wasn't quite the laughfest like during Billy Crystal's time, and not a big enough reason alone to watch the Oscars. You want to feel more touched by the acceptance speeches, if only you've seen some of the movies, which you can't because they're always relegated to schoolchildren-friendly weekday daytime slots, working-people-unfriendly slightly-after-five or way-after-eight weekday evening slots, or unfriendly-to-all expensive weekend slots.
The big winners of the night were the guys behind No Country for Old Men and, surprisingly, The Bourne Ultimatum who won mostly technical awards. Coincidentally, No Country was the only Best Picture nominee I managed to see, and it won the biggest prize of the night. Frankly, I would prefer Eastern Promises or Zodiac if I have to pick a thriller.
Anyway, the point of the Oscars' is to acknowledge and reward talents in the industry, not design a show with pointless song and dance routines to keep viewers from dozing off. Maybe they should start doing it behind closed doors for industry people only, and announce the winners via press conference after the event. Frankly, it's irrelevant to the general public.
For those who want to know, here are the rest of the Oscar results.