While people are dying to know if Slumdog Millionaire will continue its massive winning streak at the upcoming Academy Awards, just as many people are eagerly awaiting the red carpet to see what styles the celebs will be wearing for the big night.

For the most part, Oscar fashion seems to follow a distinct pattern. Women wear traditional old Hollywood gowns – long, flowing, fitted at the waist. It’s not common to see shorter dresses on the Oscar red carpet.

There is also an overwhelming black, white, and silver/gold theme. Luckily every so often someone will break the trends and wear something in a vibrant color, standing out on the red carpet.

Notable Oscar gowns have included Helen Mirren in her silvery white gown – which was regal enough to look perfect as she accepted her award for The Queen, Penelope Cruz in a feather-trimmed gown that most people couldn’t pull off as well as she did, and Keira Knightly in her maroon flared gown.

With the recession hitting hard, will Hollywood tone down the high profile gowns and jewels? I think we can expect to still see big name fashion on the red carpet with enough sparkling necklaces and earrings to blind a small country because Oscar night is Hollywood’s biggest night, economy or no economy.

I’m hoping to see more color this year, less safety in the neutral colors. And let’s hope for some good, daring fashion risks that work. Stay tuned to Style Crunch for the best and worst dressed of Oscar 2009!