Oscar Night: Fashion's World Cup

You can see it on TV, you can read about it, but nothing can ever fully prepare you for an in-person, fashion-filled Oscar red carpet experience.

"Good Morning America" correspondent and first-time Oscar attendee Cat Deeley talked to the stars on the red carpet about what they were wearing.

"My first impression is, 'Oh, my God,'" said Oscar first-timer Jackie Earle Haley, who was nominated for his performance in "Little Children."

The first time Cate Blanchett went to the Oscars was when she won for "Elizabeth," the nominee told Deeley.

Actress Ann Hathaway couldn't contain her excitement.

"I'm so happy to meet you," she told Deeley. "My shoes have pads in them. I'm wearing diamonds, and my dress fits. What's better?"

On Sunday night, the Oscars also lived up to its reputation as fashion's equivalent of the World Cup, as stars delivered world-class glamour.

"In general, us Brits, we're more laid back and no nonsense about things," actress Rachel Weisz said, "but it's fun to play dress up every once in a while. Yeah, it's like being in a fairy tale."

Gorgeous tiny clutch bags were all the rage.

"I told [my husband, John Travolta,] he couldn't have his phone. It doesn't fit [in my purse]," Kelly Preston said.

Actresses like Jennifer Lopez, Gwyneth Paltrow and Penelope Cruz wore rose-colored gowns, while Blanchett, Jodi Foster and Jada Pinkett Smith shined in metallics.

"Didn't you help her pick out what to wear?" Deeley asked Smith's son Jayden Smith.

"She's wearing that for my Dad," he responded.

"I've got my son presenting and my husband, [Will Smith], is nominated," Smith said laughing. "I'm doing something right."

Some actresses like Nicole Kidman, Jessica Biel and Naomi Watts made a splash in bold colors.

After such a night, what did the stars do next?

Nominee Djimon Hounsou just wanted to take a break.

He said he planned to "go home, get some rest and recover from this one-month craziness, and then hopefully look for a job."

"I'll probably watch the show, watch this show, eat, sleep and get myself back to reality," Beyonce Knowles said.