Stars like Amy Adams spent the afternoon just trying to soak it all in.
"I'm always saying I want to have fun; but this year, I am having fun," she said. "It's not a matter of I want to have fun, it's that I don't know if I'm ever going to be back, God willing, we'll see, but four times is awesome, and I just really want to enjoy it."
While it is not yet Feb. 24, Jessica Chastain said just being at the luncheon made her feel like a winner.
"I feel like I've already won, so I never want to lose sight of what I feel right now. Being in this business and being nominated, really, you win already," she said.
Even though Ben Affleck already knows there are some awards he won't be winning, namely acting and directing accolades for "Argo," he isn't complaining.
"We got seven nominations, including best picture, I'm elated by that -- truly, genuinely thrilled," he said. "There are nine amazing movies, any of which could win, any of which deserve to win, so I don't get into worrying too much about who got what and didn't get what. I've had many, many, many, many, many, many years watching from home."
Oscar producers Craig Zadan and Neil Meron announced that they are spicing up the show this year. They delved into 40 years of ceremonies past, and they are looking to replace a lot of the show's formalities and lag time with pizzazz.
"You start adding up those 30 seconds, and you have an accumulation of time that you can use for entertainment. So that's what we're doing. We're learning a lot about the things that we don't need in the show," Zadan said. "The main goal is to honor the nominees and the winners. And then beside that, there's a lot of pregnant pauses that you get in the show. ...We've scooped out a lot of those pauses and created more time for performance and entertainment."
Zadan and Meron said the added fun will appeal to all ages and interests. Viewers can look forward to performances by Adele, Norah Jones and Barbra Streisand and a tribute to the James Bond franchise.
Among other stars in attendance included acting nominees Denzel Washington, Sally Field, Anne Hathaway, Hugh Jackman, Naomi Watts, Jennifer Lawrence, Bradley Cooper and Robert De Niro.
The 85th annual Oscars air live Feb. 24 on ABC7.
Who do you think will take home an Oscar this year? Play the MyPicks game to choose who you think will win, and don't forget to challenge your friends on Facebook.
The Associated Press contributed to this report.