Sure, the Oscars, the Emmys and the Golden Globes are big nights in Hollywood fashion -- but the Met Gala is the ULTIMATE red carpet event.  In celebration of the Met's exhibition Schiaparelli and Prada: Impossible Conversations, the biggest A-listers flocked to the Metropolitan Opera to showcase some of the boldest fashion statements of the year. Some looked better than they ever have (High five, Carey Mulligan!) while others were upsettingly bad (K.Steeeeew!).

Since there's an expectation to take huge risks on this momentous night, stars will inevitably end up on both Best and Worst Dressed lists. So take a look at Hollywire's picks for the best, the worst and the boldest -- and sound off on which was your sartorial fave. Let's start on a positive note...

THE BEST 

Cate Blanchett and Carey Mulligan at the 2012 Met Gala

It's no surprise that Cate Blanchett made it on the list. The always-flawless actress showed up in a show-stopping Black Swan-y Alexander McQueen gown. Feathered from head-to-toe with a dramatic mermaid skirt, Cate strikes that tricky balance of making a huge statement while looking utterly chic.

There's something magical about Carey's metallic Prada dress. The gradient gold to silver scales, the high neck, cinched waist, it's all so strikingly unique, yet classic in its sihlouette. She wears "newlywed" quite well.

Gwyneth Paltrow and Camilla Belle at the 2012 Met Gala

Gwyneth Paltrow is impeccable as ever in this silver duchess halter Prada dress. The asymmetrical hemline, cut-out back and the metallic detail on the skirt make it unique enough to make it onto such a competitive Best Dressed list. Really, only Gwyn can wear a mini-dress to a black tie affair and make it chic.

And in another metallic dress (seeing a trend here), Camilla Belle's Ralph Lauren beaded gown is utter perfection. The elegant use of sheer on the neck creates a dramatic plunging neckline without being overly sexy. And her dark lips and slicked-back hair make the whole ensemble pure Old Hollywood glamour.

THE WORST

Emma Stone and Kristen Stewart atthe 2012 Met Gala

It's tough to put both America's Sweetheart Emma Stone and America's Emo Princess Kristen Stewart on the Worst Dressed list, but the eyes don't like, and these two dresses are painful to look at. Emma is wearing a Lanvin gown with 3000 plastic flowers attached. Maybe the 3000 flowers should have been the tip-off. This dress proves that there IS such a thing as too much whimsy. She should save it though, in case she ever lands a gig in a Dr. Seuss adaptation.

And then there's K.Stew. What is HAPPENING here?! The color-blocked leather dress paired with an odd black and tan geometric top is hard enough to take in. Then her white strappy sandals are distracting and cut off her leg in an unflattering way. It's really hard to know where to look. Probably best to just look elsewhere.

On the plus side, both the hair and makeup on both these beauties is slammin'.

Leighton Meester and Elizabeth Banks at the 2012 Met GalaDo we need to have a tanning intervention with Leighton Meester? The bad tan with the yellowy gold hue is bad enough. And the sheer skirt (which so many women tried last night) and the layers of tulle at the bottom of this Marchesa gown make it one of the most unfortunate choices of the night.

And as for Elizabeth Banks, she gets points for taking a risk by combining roughly 72 patterns into this gown, but the outcome is reminiscent of a page from a Magic Eye book. I see a sailboat.

THE BOLD

Florence Welch and Christina Ricci at the 2012 Met Gala

The Met Gala red carpet is the place to take a big risk. And some of them pay off in spades. I might be alone in loving Florence Welch's 3D organza, tiered Alexander McQueen gown, but that's I'll stand by it. For such an avant-garde shape, she looks downright sexy, with that deep-cut neckline and fitted bodice. The detail of the dandelion-embroidered fabric is so fun and whimsical. The best part about it? It's very much HER style -- just magnified.

And Choe Sevigny (my fave fashionista) managed to rock this miu-Miu mirrored cut-out dress (if it qualifies as a dress). Her metallic stilettos fit the crazy style perfectly, but it's really Chloe's swagger that allows her to pull this off so marvelously.

Karolina Kurkova and Christina Ricci at the 2012 Met GalaThere are certain looks that only supermodels can pull off. Karolina Kurkova's Rachel Zoe sequined gown with matching head-wrap is one of them. If there were awards given out at the Met Gala, they'd be given mini Karolinas. Somehow this look is pure elegance and utter silliness at the same time. And I dig it.

And then there's the petite Christina Ricci. A lot of bloggers were hating on her Thakoon gown with a massive satin bow, but it's so playful and chic. I love how the bow emerges from the top of the gown and drapes down the back. It's unlike anything I've seen, and while it's a little weird, she's totally pulling it off.

And last but not least in the BOLDEST category...

Beyonce at the 2012 Met Gala

What is there to say about Beyonce in this Givenchy gown? It's one of the more dramatic, risky gowns of the night (Did the designer slaughter a Muppet for the train?). And while it's not my favorite, subjective opinions are irrelevant. What's important is that Bey rocked a sheer skirt and showcased her butt -- just a mere four months after giving birth to Blue Ivy. We're not worthy.

Who was the BEST dressed and the WORST in your opinion??

Photos Courtesy of Getty Images