Barbra Streisand said what everyone at the Kodak Theatre seemed to be thinking Sunday night.

"Well, the time has come," Streisand said as she presented the Academy Award for Best Director to Kathryn Bigelow, the first ever Oscar for a female director.

Bigelow, who wears a red Wounded EOD Warrior bracelet on her left wrist, had downplayed her chances of an historic Oscar win all...