This year's Oscars are being touted as the 'battle of the exes', but here in Hollywood there's mounting feeling that Kathryn Bigelow's The Hurt Locker will emerge victorious over her former husband James Cameron, and his box office behemoth Avatar.

They each have nine nominations, with Quentin Tarantino's Inglourious Basterds close behind with eight.

British hopes are not as strong as last year, but there's still a fighting chance that Colin Firth could challenge Jeff Bridges for best actor.

Meanwhile London girl Carey Mulligan is a long shot for best actress, but she's enjoying the ride anyway.

"This is the fun part," she told Sky News as she prepared for the big night.

"None of this has been real, and I feel like that all the time like I could wake up and find this has all just been...well, it sounds so clichéd when you say it out loud but that's kind of what I mean!"

Of course tonight isn't just about people getting their hands on those little gold fellas.

There's just as much emphasis placed on the outfits the stars have selected to wear.

Some nominees are just keeping it plain and simple, like Precious star Gabourey Sidibe who is nominated for best actress.

"I have a dress and I have jewels and I have shoes and I have lip gloss and that's all I need," she told Sky News. So does she think she can upset the bookies and beat favourite Sandra Bullock to the prize?

"Seriously, I don't know," she smiles.

Another Brit who has arrived here in Hollywood for his big moment is In The Loop writer Armando Iannucci, who is still finding it surreal that he's here as a nominee for best adapted screenplay.

His outfit choice is somewhat different from Gabby's.

"I thought Vivienne Westwood," he smiled when we asked him what designer he was wanting to wear.

"I'm gonna wear her skin to the Oscars. She doesn't know it yet but we're having a meeting later today in which I'm going to knock her unconscious and take it from her!"

So will it be Avatar? Will it be The Hurt Locker? And will the Brits manage to win any?

We'll find out here at the Kodak Theatre later.

For now though we'll leave you with the words of someone who has been there and done that.

Sky caught up with two-time winner Jodie Foster to find out what it feels like the moment they open that envelope and read out your name.

"It's kind of like bingo," she giggled. "If you've ever played bingo and they call out your name, I think... that's probably the sensation coursing through your veins."

All eyes down for a full house house in Hollywood tonight then.