Suuuuuuuuuuuuck. As a Facebooker commented, isn't it just a televised work banquet? In the world's top 200 people who take themselves too seriously, movie business people have to take up 190+ spots, maybe 195. Just take a step back, realize you're making movies. You give people an escape from their boring, real lives, sure. But movie stars aren't saving lives, pump the brakes.
Billy Crystal, what is he, 70 years old? He was great in the 80s, but really, what has he done to keep him relevant in the last 20 years (besides 61* which was awesome)? Get real. This was soooooo NFLy of Hollywood, a young(ish) duo (Janet/JTLake: Hathaway/Franco) screw up your big show (Super Bowl Halftime: The Oscars) so you go in the opposite direction and have old people who you know will do a decent enough job and not get naked on stage (Madonna, The Who, U2, etc.: Billy Crystal).
I don't get it. Hollywood is supposed to be liberal and on the forefront of what's cool and new...pushing the envelope, crossing lines, all that. This was a stodgy move that resulted in a handful of good jokes and (probably) a smaller amount of 18-24 year olds tuning in.
The Red Carpet isn't really all that fancy. It's pretty much a long line when you break it down. You show up wayyyy before the show, and zig zag through this long line before you can get into the theater. The famous people love it, but it's truly just a line. Shoot, toss a red carpet out in front of any bar or club, you already have the (sometimes) velvet ropes and you can recreate the Red Carpet experience at home! Waiting in lines is the best!