The President of AMPAS refers to the crowd as "a tabernacle of talent", and all of the people I'm watching with think that's hilarious.
Al Pacino presents the Honorary Award to Sidney Lumet. It looks like he has quite a bit of Botox in his face. I think there are jokes buried in his speech, but they're not coming across for some reason.
A montage follows, wisely glossing over The Wiz, unwisely including home video shot on the set of Gloria.