Usability 
If the official site doesn't have live updates there is an alternative. 
Local search site Go2.com has been diversifying into mobile content and their latest effort is Go2 Entertainment Awards at oscars.go2.com. Right now the site only has a couple of short stories about the Oscars, lists of nominees for the top awards. For each of the awards you can vote for your favorites actor or film, not that it will effect the outcome. Anders Wright from Last Blog on Earth is doing the Oscar reporting for Go2 and has some predictions on his (non-mobile) blog. Live coverage is promised when the show kicks off at 5PM Pacific Time.
It doesn't look like Go2 is covering the Oscars in 2009, the show is two days away but the page is still showing 2008's nominees.