Director is what counts, right?
Even though I saw nearly none of the films this year it was obvious that competition was pretty stiff.  (no stiff jokes)
Even though I didn't see Capote, the win that I felt best about was Philip Seymour Hoffman for Best Actor.  He's incredible in whatever he's in and it's obvious he deserves an Oscar.
Some very good speeches, and I really enjoyed Jon Stewart.  Much better than some others I could mention.  The beginning with all of the others getting out of hosting was funny.
I admit it, I loved all the genre montages.  
I couldn't believe that the pimp song won!  

  The other songs sucked anyway, and I never like what wins that category, so it was cool to see.  And like Jon said, they were the most excited people there up to that point.  I love when you can see the winner is elated.  Witherspoon and Hoffman were obviously very emotional.
Enjoyable broadcast...now I wish we had time to see all those movies.