Between her new haircut, her still-rising status as a fashion star and her multiple nominations, Lena Dunham was one of the most highly anticipated stars on tonight's Emmys 2012 red carpet (at least, one of our most highly anticipated stars).

So when she stepped out on tonight to chat with E!'s Ryan Seacrest, we held our breathe... and then exhaled in partial relief. Her new 'do, a trendy pixie cut, looked perfectly coiffed -- super chic. Her makeup was all smoky eyes and nude lips, which never gets old. And her Prada dress... well, that's where we ran into troubles.

The gunmetal gray was sophisticated as was the lace. But there was something about the high-waisted cut that struck us as unflattering. We've all seen Lena naked so we know there's a great body hiding under there somewhere.

Check out Lena's outfit for her big Emmys debut. Do you love it or loathe it?

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See the rest of the Emmys 2012 red carpet fashion!

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  • Lena Dunham in Prada

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  • Carroll Dunham & Lena Dunham in Prada

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  • Heidi Klum in Alexandre Vauthier Couture and Charlotte Olympia shoes

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  • Zooey Deschanel in Reem Acra

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  • Julianne Moore in Christian Dior Couture

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  • Lucy Liu in Versace

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  • January Jones in Zac Posen

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  • Elisabeth Moss in Dolce & Gabbana

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  • Claire Danes in Lanvin

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  • Sofia Vergara in Zuhair Murad

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  • Julie Bowen carrying a Swarovski clutch

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  • Christina Hendricks in Christian Siriano

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  • Nicole Kidman in Antonio Berardi

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  • Keith Urban & Nicole Kidman in Antonio Berardi and Fred Leighton

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  • Amy Poehler in Stella McCartney

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  • Tina Fey in Vivienne Westwood

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  • Hayden Panettiere in Marchesa

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  • Julia Louis-Dreyfus in Vera Wang and Irene Neuwirth jewelry

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  • Allison Williams in Oscar de la Renta

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  • Kristen Wiig in Balenciaga

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  • Julianna Margulies in Giambattista Valli

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  • Jessica Pare in custom Jason Wu

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  • Kat Dennings in J. Mendel

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  • Zosia Mamet

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  • Sarah Hyland in Marchesa

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  • Jon Hamm & Jennifer Westfeldt

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  • Michelle Dockery

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  • Kelly Osbourne in Zac Posen

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  • Mayim Bialik in Pamella Roland & Palladium necklace

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  • Kerry Washington carrying a Kotur clutch

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  • Ariel Winter in Katharine Kidd

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  • Jena Malone in J. Mendel and Casadei shoes

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  • Ashley Judd in Carolina Herrera

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  • Padma Lakshmi in Monique Lhuillier

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  • Leslie Mann in Naeem Khan

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  • Glenn Close

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  • Ellen DeGeneres & Portia de Rossi

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  • Edie Falco in Stella McCartney

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  • Giuliana Rancic in Romona Keveza

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  • Jessica Lange in J. Mendel

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  • Ginnifer Goodwin in Monique Lhuillier

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  • Kiernan Shipka in Zac Posen carrying Daniel Swarovski evening bag

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  • Betsy Brandt in David Meister Signature and carrying a Swarovski clutch

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  • Mindy Kaling carrying a Kotur clutch

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  • Kathy Griffin

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  • David Benioff & Amanda Peet in Calvin Klein

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  • Emily Vancamp in J. Mendel

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  • Hilaria Thomas & Alec Baldwin

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  • Archie Panjabi in Randi Rahm and Chopard jewelry

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  • Amanda Peet in Calvin Klein

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  • Melissa Rauch in Oliver Tolentino

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