The 79th Annual Academy Awards are over, and after watching the parade of stars on the red carpet, I have chosen my top three picks for who I believe were the most timeless beauties on the red carpet.

1) Reese Witherspoon - She looks better than ever in her Nina Ricci by Olivier Theyskens layered gown. Her demeanor has lightened now that she flies solo at these events, and I say kudos to her for her drop dead gorgeous appearances in the limelight as of late.

2) Penelope Cruz – The one word that comes to mind when looking at Cruz in her rose colored Versace gown is, “flawless.” She looked as though she was poured into this gown, it fit her so perfectly. She is a class act, and I am a big fan of the way she carries herself.

3) Gwyneth Paltrow – The actress, mother of two, and wife of one of my favorite musicians, Chris Martin, looked statuesque in her Zac Posen gown. The cut of the dress made the slender star look curvaceous, and her side-swept hairdo was the perfect accessory.

Other juicy tidbits:

People Magazine is reporting that Naomi Watts may be pregnant with boyfriend Live Schreiber’s baby.

In an interview on the red carpet, Kate Winslet said she’s come a long way with five Oscar nominations to her credit, as someone once told her she’d only be up for roles as the “fat girl.”

During the telecast, Helen Mirren was serenaded by Jack Black and Will Ferrell, who longingly told her they wanted to take her home.

[Photos: Steve Granitz/wireimage.com]