Some of Tinseltown's hottest racks were out in full force last night at Hollywood's most important event of the year, the Academy Awards, and we at The Frisky Institute for Boob Analysis—which previously studied the breasts on display at the SAG Awards, the Golden Globe Awards, the Emmy Awards, and the Grammy Awards—have painstakingly poured over the bunch. Behold, the mammaries of brand-new mom, Penelope Cruz. Thank you for your bounty, Mother Nature! We revere you! After the jump, we show you some of the best boobs of the evening—and some of the least boob-flattering dresses on the red carpet.