From a fash-nerd perspective, the MTV Movie Awards rule. You have no idea how dressy everyone will take it, and stylists seem to stunt on each other in terms of new designers and obscure labels. Plus, where else in the world can you get a red carpet that features shorts (a la Leighton Meester's Christian Cota) as well as a black floor-length draped evening gown with a plunging neckline and a sky-high slit like the Maria Lucia Hohan number on special MTV Style correspondent Kat Graham? See? It's totally magical.

See photos of the hottest fashion from the MTV Movie Awards!

So it'll come as no surprise that our favorite looks of the night ran the sartorial gamut something crazy. We went ballistic when "Twilight" actress Julia Jones cleaned way up from her usual werewolf threads to glow in a bright, neon yellow laser-cut Joy Cioci dress. Not only did Kat flip for the color, Julia mentioned that even Paris Hilton leaned over to ask her who she was wearing. You know some covert calls were made to stylists right from our pre-show.

We also adored how the ladylike peplum trend is making its way from the runway to the red carpet. Charlize Theron wore a beautiful red Lanvin version, and Emma Stone wore a black and grey iteration. Julianne Hough and her enviably hard-body torso also featured a structured version in a long-sleeved cutout dress from Lady Gaga fave Sally LaPointe.

And, well, we couldn't quite figure out if the apron-like tie-front side panel on Emma Watson's marbled blue, grey and black Brood dress quite counts as a peplum, but who cares? Honestly, the "Perks of Being a Wallflower" star looked exquisite, despite confessing to pre-show jitters via Twitter. Check out the "Perks of Being a Wallflower" trailer to get a tease of this phenomenal movie.

Read More MTV Movie Awards Style Breakouts

If Hailee Steinfeld's Louis Vuitton sequined-lapel tux was the curveball on the pantsuit last year, this year, Shailene Woodley takes the title in her gorgeous Stella McCartney. Black halter-neck with a deep V, Shailene takes what could've been a sad-face menswear risk and transforms it to a sleek, dramatic and elegant option. The devil is definitely in the details, and this was all about the impeccable fit.

Speaking of dramatic, we can't overlook Christina Ricci's bonkers black Christian Siriano for Timex dress. Yes, you read that right. The strapless bodice had a grip of actual watch faces embroidered into the fabric. It was masterfully executed. We're talking nary a stray lump nor a single iota of added bulk onto the starlet's whippet-thin frame.

And, finally, Kristen Stewart took a fashion risk in a silver, yellow and purple Guishem by Guillermo Jop dress. It was short, sweet and revealed her willowy stems. Plus, in predictably awesome form, minutes after she left the press line, K.Stew discreetly hopped out of heels to step into comfy sneakers.

Jaw-dropping, heart-pounding, gut-busting moments galore. See what just happened at the 21st annual MTV Movie Awards!