He poked mostly gentle fun at the movie industry and its stars but managed to get in a few zingers aimed mostly at the inflated bank accounts and ages of the Academy members.
"Nothing can take the sting out of the world's economic problems like watching millionaires presenting each other with golden statues," he joked.
In keeping with the classy, the evening included montages of A-list stars, including Brad Pitt, Barbra Streisand and Warren Beatty talking about their favorite movie memories.
But as with any live show, there were some unexpected surprises, like seeing a little more of Jennifer Lopez's cleavage than she may have intended.
One of the more exciting moments of the night happened before the show, on the red carpet, when Sacha Baron Cohen, dressed as General Aladeen from his upcoming film "The Dictator" spilled what he said were the ashes of deceased North Korean leader Kim Jong Il on Ryan Seacrest during an interview with Seacrest for E!