Each year, the CFDA/Vogue Fashion Fund fêtes a generation of emerging American designers and honors one — the winner — with a $300,000 grant. For an up-and-coming designer, the award is a fast track to notoriety. The annual ceremony also brings out some of the best and worst in fashion. This year's awards were held last night and some of the brightest fashionistas (and -istos!) came out to play.