It's 2:15 AM and the 2011 Academy Awards ceremony ended about an hour and a half ago. The King’s Speech won Best Picture. No one movie emerged as the big winner. The King’s Speech and Inception had four wins apiece, The Social Network had three, and Toy Story 3, Alice in Wonderland, and The Fighter had two apiece.
11:30 AM Edit - I should have pointed out that the four wins for The King's Speech were in four of the five "major" Oscar categories - Best Picture, Best Director, Best Actor, and Best Original Screenplay. It did not win Best Actress, nor did it have anyone even nominated for that from this film. See my set of posts on the only three movies in Oscar history to have won all five major awards - Click here for these posts
The show actually moved along pretty well. It went a little over three hours. For an Oscars telecast that is blazing speed. Four hours tends to be more common. Having presenters do two awards at a time definitely sped things up and I hope they keep it like that. Not having montages for each of the ten nominated films also saved time. Things still bogged down with the final four awards (Actor, Actress, Director, Picture.) It took them over 45 minutes to hand them out when it had taken them less than two and a half hours to hand out the prior 20 awards.