(Why I am actually posting anything about the Oscars from my berth in Sleepy Hollow seems a little ridiculous after all the other great minds have weighed in. But comment I will...)
So, why do we care about the red carpet? Unless of course you are in the jewelry, evening wear, entertainment, glamour and/or media business. Or, possibly, have nothing else to think about. No judgement intended.
(At least I wasn't alone in finding the dress worn by the above member of the "Hollywood" community a tad bit strange.)
I did once risk the boundaries of intelligent behavior and did a live transcription of the commentators during a previous Academy Awards red carpet. If you have any interest you can read that post here.