I personally couldn't give less of a shit about what people wear to the Oscars. Tuxes are appropriate, obviously, but I think be annoyed by what type of tie someone has on is quite silly.
As for jokes, that's one of the big reasons I always watch. I'm a huge fan of films, and actually tend to respect the Academy Awards and a lot some of the decisions they make. Mostly, I understand and can appreciate their constant presence in the current and past cinematic landscape, and can name more winners and nominees (most of which I have seen), than is probably healthy for someone my age. And while I always pay great attention to the winners, and like to hear/see the speeches, if there were no jokes I honestly might not even watch the ceremony. One of the biggest problems with the Oscars is that they're "serious." I like seeing people poke fun at them (I love how Seth straight up said that they made a mistake not nominating Ben Affleck) and the celebrities (the "we saw your boobs" was pretty damn funny). And I like clever jokes that reference movies (the Sound of Music joke was very awesome).
So yeah, I'm never too upset about the Oscars. They're usually just a fun night.
Also, I have zero problem with the First Lady appearing, but I kind of feel like it was pointless.