So People magazine senior editor and The Early Show contributor Jess Cagle offers a preview of the festivities and a look at some of the items the winners, nominees and presenters will be taking home in their gift bags.
A special gift comes from Motorola. The company is recognizing the achievement of the 25 top acting and directing nominees, by giving them the latest wireless innovation - the V600 cell phone. With this phone, nominees can document their special evening by snapping pictures with the integrated camera while on the red carpet and emailing the images to friends and family all over the world.
The nominees are getting the V600 cell phone prior to its commercial availability - a five-year tradition in which Motorola provides soon-to-be-introduced cell phones to select nominees. Each V600 cell phone was equipped with an activated SIM card.
The phone comes in a custom-made box in the shape of an old-time film camera that features an audio snippet of Mel Torme's classic rendition of "You Oughta Be in Pictures." The boxes have been personalized for each nominee with his or her name engraved on a silver plate.
As for the night itself, Billy Crystal is back as the host, but the show has a new producer. Having been a movie executive, producer and director for two decades, Joe Roth is probably the most well-connected producer in years. He is expected to bring bigger names than usual on stage this year.
Cagle's predictions in the top categories are Charlize Theron for Best Actress, Sean Penn for Best Actor, Shohreh Aghdashloo for Best Supporting Actress, Tim Robbins for Best Supporting Actor and "The Lord of the Rings" for Best Picture.
On the fashion front, he looks to the ethereal-type clothes in the spring collections an dexpects to see more chiffon than heavy beading and glitter, and no great big skirts. Still, there will be lots of glamour and color (black dresses are a little bit out at the moment). And of course, borrowed jewelry.