I stayed up all night just to watch the Oscars, and it was so worth it! I knew it would win the technical awards, but I was holding my breath and closing my eyes for Best Director and Best Picture, just in case the Academy had done a total turnaround and gone for something like Lost in Translation instead. But they DIDN'T!
I think every award they got was well deserved - it would have been nice if they'd had more of the cast than just the hobbits, Ian, and Liv, but oh well. I do wish I'd seen Ian off his trolley, but I didn't watch it last night...this is what comes of staying up to the wee hours to watch it the night before.
I don't know, I think it might have been quite cool (although strange) if PJ had accepted the award in his ordinary shorts and bare feet

Oh well, I suppose it would have been unacceptable to show up for the Oscars like that.