Well, I was working, and I tuned in late to the very fuzzy picture that we currently get in the bio box. I should throw in that while the awards were on, I was showing 'Romance' on one screen (6000' spools) and a double feature on the other screen, which consisted of 'Battleship Potemkin' and 'Solaris' which were both run on 2000' spools. (Here's lookin' at you, Steve Guttag!).
The significant thing about the above, for me, is that we got over 100 people in for a double feature consisting of a 1925 Russian silent movie and a nearly three-hour philosophical sci-fi film, which is beautiful but very deliberately paced. Boy, is it fun going from academy to scope in a double bill! However...the upshot of this is that all these people obviously couldn't give a toss about the academy awards because they're too busy watching soviet classics. Hilary Swank did say something about diversity, did she not? I love it 
Now, this brings me to what I thought of the awards...when I tuned in, Phil Collins was accepting his award...but I was really rooting for Aimee Mann. Magnolia's other two nominations were then lost to 'Cider House Rules' (supporting actor) and 'American Beauty' (screenplay). Good fortune to the winners, I say, but I really wanted 'Magnolia' to win something. 
Then my other favourite, 'Election', did not succeed in winning its award and 'best adapted screenplay' went to 'Cider House Rules'.
FWIW, I read the Hilary Swank speech on the net when I got home. But I agree, Erika, the ceremony was a little dull, and that was watching it while changing over!
In conclusion, I hope that Paul Thomas Anderson finally brings home the statue sometime soon (although he's no slouch - 2 noms by the age of 29!) and that Jim Taylor and Alexander Payne keep collaborating on more brilliant, lascerating projects like 'Citizen Ruth' and 'Election', and that they too will grace us with an amazing acceptance speech...