Attendees at the 81st Annual Academy Awards were treated to a spectacular yet intimate set design created by architect David Rockwell featuring an awe inspiring three-ton, 60-foot tall custom designed Swarovski crystal curtain sparkling with over 100,000 crystals flown in especially from Austria. The dazzling curtain which creates a sparkling rainbow illuminating the grand arch of the Kodak Theatre helped redefine this year's Oscar experience with more of an elegant party feel.

A ban on in-season testing, major revisions to engine regulations and dramatic cuts in aerodynamic development will see team budgets cut by roughly 30 per cent in 2009. Based on the 10 teams’ spending last season of $3 billion (£2 billion), it should see more than $1 billion lopped off the collective bill at a stroke.