Michael Caulfield, WireImage

Melissa Leo's F-bomb.

James Franco in a Marilyn Monroe dress.

Oprah Winfrey's bountiful bust.

And a radiant Natalie Portman accepting her Best Actress Academy Award to waves of adulation from the audience.

There were many moments worth talking about at last night's 2011 Oscars -- although maybe not enough to justify the annual, epic three-hour broadcast.

Even Roger Ebert was complaining on Twitter, in response to a quip by Billy Crystal, "Urgent to producers: You're not running long. You're running slow."

ABC viewers saw co-host James Franco give a strangely detached seated interview about 20 minutes before the live broadcast, that lead some uncharitable souls to speculate that he might have been smoking with Miley Cyrus before the show.

He retained a strangely serious demeanor throughout the ceremony, lightened somewhat by an appearance in a Marilyn Monroe-esque "Diamonds Are a Girl's Best Friend" silk frock. At StyleList we wondered why he never seemed to look at his co-host Anne Hathaway, even as she gamely tossed him shtick -- too nervous to take his eyes off the teleprompter, maybe?

The relief was palpable when Hathaway threw to veteran Oscars host Crystal -- even if, with the "When Harry Met Sally" theme playing and all his Botox, we at first thought he was Nora Ephron.

But then it just got weird when he threw to an even more veteran Oscars host, Bob Hope, who managed to be funnier on a piece of film recorded in 1968 than anyone on hand in 2011. "Welcome to the Academy Awards -- or as it's known in my house, Passover," said Hope from beyond the grave.

It also didn't help that the evening lacked surprises as to its big winners: Melissa Leo, Christian Bale, Natalie Portman and Colin Firth all took their turn onstage, as most expected they would. "Inception" ended up taking four Oscars, as did "The King's Speech," three of them in big categories: Directing, Best Picture and Best Actor.

But! We did love every one of Hathaway's outfits, styled by Rachel Zoe, from the Lanvin tuxedo to her electric-blue off-the-shoulder Armani Privé column gown.

And who doesn't sit up and take notice when Oprah Winfrey takes the stage? Last night she appeared in so much Zac Posen that she looked like she might be starring in a Julie Taymor production of "The Unsinkable Molly Brown."

As New Yorkers, we also have to say we loved the closing number by Staten Island's own P.S. 22 Children's Chorus. (You can read all about them -- as well as make a donation -- on the P.S. 22 Chorus blog page here.)

So what do you think -- was three hours too much, or just enough, for the 2011 Oscars? And should Anne Hathaway and James Franco be invited back?