We appreciate the fact that Katie Holmes takes fashion risks -- being as tall and thin as she is, she can pull off a lot of craziness that we mere mortals couldn't dream of wearing. However, that doesn't mean she should wear whatever she wants, because there's just no excuse for wearing this on the opening night of your Broadway debut.

We knew Katie was getting into pegged pants, but as formalwear? Really? And while we're not all that opposed to lace accents, a quick peek in our gallery will show you just how weird this looks up close. Frankly, Katie, we were expecting (or at least hoping for) better from you.