(CBS) Some could argue that the real action at the Academy Awards each year is what goes on outside the Shrine Auditorium, on the catwalk, more formally known as the red carpet.

That's where the stars parade their most important fashion statements of the year, and where style experts train a sharp eye, looking for the biggest hits and misses.

Joining The Early Show with the fashion post mortem were resident style guru David Evangelista and Suze Yalof Schwartz, Glamour magazine's executive fashion editor at large.

Evangelista's biggest raves went to Michelle Williams.

"Thank you, fashion gods. You sent someone who took a risk last night," he said. "She looked beautiful in the marigold Vera Wang. The jewelry was spot on, the vintage Harry Winston. The hair was to complete perfection. The lipstick was perfect. It was a confection of perfection."

While Schwartz was also a fan of Williams' look, her best-dressed pick was Keira Knightley, nominated for "Pride & Prejudice," who also wore Vera Wang, in a wine-color with a vintage Bulgari necklace.

"She looked like a princess," said Schwartz. "Every single guy's jaw dropped. Every single woman wanted to look like her."

As for Felicity Huffman, nominated for best actress for her role in "Transamerica," Evangelista wasn't a huge fan of the plunging Zac Posen gown and thought the hair was too matronly, but Schwartz thought Huffman was a runner-up for best dressed.

"I thought it was the best she ever looked like in her life," she said.

Both guests agreed that Charlize Theron, nominated for best actress for "North Country," was one of the night's biggest fashion flops, in a deep green John Galliano, with a billowing bow on her shoulder.

"She was probably carrying a marching band under that shoulder. The bow was overwhelming," said Evangelista, who also criticized her hair style. "Someone must have teased it and not brushed it out. I expected more. I think Charlize tripped a little last night when it comes to the fashion meter."

And while Theron might have missed the mark, the very worst dressed person of the night, according to both style mavens, was Helena Bonham Carter, who wore a below the knee blue dress with white pumps.

"That outfit and the hair — disaster," said Schwartz. "And the white shoes. I mean, 'Glamour don't' written all over her forehead."

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