I didn't watch the Oscars, but from the clips I've seen I suspect that Anne's unbridled enthusiasm and Franco's stoner apathy just don't mix well. Anne's energy would have been funnier juxtaposed to someone uptight or serious, someone who might have been embarrassed by Anne's exuberance, and Franco's apathetic persona would have been better juxtaposed to someone who believes that the Oscars is a serious and sacred event, someone who would get visibly upset at Franco's "whatever" mentality. You could have also gone over-the-top with Anne, partnering her with another effervescent personality.
I've also read that Franco might have been a little abstracted because of his course load at school. He is someone with an incredible work-ethic, and is currently a PHD student in English at Yale University while acting full-time. At one point he was acting full-time while attending three different Grad schools (Brooklyn college for fiction writing, New York University for filmmaking, and Warren Wilson College for poetry). And according to his Wikipedia entry, from 2006-2008 he was taking as many as 62 course credits a quarter at UCLA (the normal is 19) while acting full-time.
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