From the Spring and Fall ’12 runways to the red carpet at the Academy Awards, it seems pretty clear: the peplum is in the building! Spotted tonight on both Tina Fey, in a regal looking custom-made Carolina Herrera gown, and Michelle Williams, in a tiered coral Louis Vuitton, this trend is certainly having a moment. While adding a bit of extra volume at the waist might seem a little tricky, both actresses are showcasing the look on two very different body types. So, what do you think? Will you be trying the peplum this year?