The non-televised show, which PEOPLE live streamed from the red carpet at the Beverly Hilton Hotel, brought on a lot of laughter, an occasional tear – and a particularly eyebrow-raising presenter's speech.
Click after the jump for the highlights.
Following Sean Penn's elaborate introductory speech that went into detail about Julia Roberts and food – more on that later – the August: Osage County cast mate, who accepted the Hollywood supporting actress award, told the audience, "Fortunately, I am a hearty eater, which I told my husband 13 years ago when he asked me out on a date. 'Prepare yourself. I won't just have a salad.' But that's worked out for us."
Continuing to address her other half later in her acceptance, Roberts said, "More than anything, the singular man who got me out of the house and on a plane to Oklahoma to do this [movie] – and it made me believe in myself in a whole brand new way – is my husband, who is here tonight … Danny Moder. I love you, babe."
Matthew McConaughey also made a point to recognize his significant other.
"My wife Camilla, thanks for your love," the Dallas Buyers Club star said when accepting the Hollywood actor award. "Not only does she let me be obsessed [with my career], she demands that I be obsessed."
The actor's costar Jared Leto was also honored. Swooping up the Hollywood breakout performance award, Leto, who plays a transgender woman in the film, quipped, "It's crazy what happens when people find out you look great in a skirt. You get invited to all the cool parties."
In a more serious moment, he said, "To get an award like this is absolutely incredible … I've actually never received an award for anything. It's not a joke … So to get the breakthrough or breakout award at my ripe young age of 41 is pretty incredible. I couldn't be more humbled and appreciative."
And just as the exit music came on mid-acceptance, Leto made it clear he wasn't leaving the stage until he was finished.
"Forty-one years, buddy," he said to a crowd that laughed and cheered. "Forty-one years … Just a couple more things. Matthew McConaughey, you gave me the opportunity of a lifetime …"
Gravity star and Hollywood actress winner Sandra Bullock defended Tinseltown in her acceptance speech, saying it has a "bad rep."
"The Hollywood I know is thousands upon thousands of people who work tireless hours to achieve one goal, which is storytelling," she said. "The Hollywood I know had a studio like Warner Bros. say, 'Okay, we'll fund that movie that you can't explain … The Hollywood I know has allowed me opportunity after opportunity to keep trying and keep doing things and not send me out to pasture. I don't want to go to the pasture."
Added the Academy Award winner, "So, I'm grateful that I'm still here … The Hollywood I know has allowed me so many great moments. It's allowed me to be a better parent. It's allowed me to take care of my family. It's allowed me to work with crew members who will never get the credit [they deserve]."
The Butler's David Oyelowo, who was one of three Hollywood spotlight award winners, also defended his craft and the people associated with it.
"My dad said acting was a terrible idea – a terrible, catastrophic idea," he said in his acceptance speech. " 'Why do you want to go hang out with all those promiscuous, vain and self-centered people?' He clearly has no idea how wonderful you all are. He's very misguided, my dad … I do think that what we do has the power to change lives."
Perhaps the most elaborate – and eyebrow-raising – speech of the night came from Penn, who kicked off his several minute presentation asking if the drinks are still free inside the ceremony.
Even apologizing for "rambling so much," he still went on to say in honor of Roberts – most likely referring to Eat Pray Love, "[She] is one of the select group of actresses who can make on-screen eating sexy … I could watch her eat … for hours on end, even if the food got stuck in her teeth. I want her to make an eating movie in 3-D, but the interactive supplies not only the 3-D glasses, but also a virtual toothpick with which I could collect souvenirs correcting my insomnia with the comfort of those virtual morsels kept carefully beneath my pillow."
As guests laughed – and scratched their heads – he continued, "How great would it be to sit there watching a Julia Roberts movie [as] she's eating corn on the cob and then something gets stuck and you can take your virtual toothpick and say, 'I got that bit?' "
Roberts's response: "Well, Jesus, how the [expletive] do I say anything after all that? The great Sean Penn, thank you."
Jake Gyllenhaal accepted the Hollywood supporting actor award for his role in Prisoners, and made it clear he was exploring his dark side in the acclaimed film, which follows the story of a father (Hugh Jackman) who takes matters into his own hands when his young daughter and her friend go missing. (Gyllenhaal, 32, plays a police detective working on the case.)
"[This movie is] a story about humans in their darkest places. I was interested in mining the darkness and blindness that can come when profound love is tested," he explained.
He then offered earnest praise for director Denis Villeneuve – even if, as he explained, they are not always the best of friends.
"When Denis Villeneuve is asked about working with me he always responds in the same way: He always says, 'I love him and I hate him.' At first his response is hard for my enormous actor's ego. I have since learned the wisdom of it ... We're all so lucky to have a leader who knows what love is in its many forms. So I love and hate Denis Villeneuve now, too."