It's the big debate in Hollywood this week, boiling down thusly: Should we tone down the excess and ostentation, what with the recession; or should we pump up the glamour quotient so that the little people can break away from their drab lives? (If you think I'm joshing, check out the comments of celebrity stylist Rachel Zoe in today's LAT: "My attitude is: Let's put a smile on people's faces even if it's just for an hour.") In the end, countless millions of dollars will be spent, recession or no. Didn’t Obama talk about doing away with “childish things”? Here's more from the Times:

Many fashion stylists, jewelers and makeup artists interviewed for this article insist that the red carpet represents escapism. They say that a toned-down parade wouldn't be nearly as transporting for viewers who tune in for the Technicolor thrill of seeing their favorite stars dressed like royalty in borrowed finery.

As for the private Oscar bashes, Variety says the attitude is, Throw a party, have fun, but don't do too much.

Balancing modesty with glitz is no easy task, but award season veterans are definitely seeing some changes this year. Saturday's seventh annual Night Before party at the Beverly Hills Hotel benefitting the Motion Picture & Television Fund is cutting out the gift bags, and it is not holding the Friday night pre-event as in years past. "It was the sponsors who suggested we find ways to have the same kind of evening but without being lavish," MPTF Foundation topper Ken Scherer said. "They wanted the cost savings to hit the bottom of the charity."