And it didn't disappoint. The sci-fi epic was named best film drama at the ceremony, beating off competition from Quentin Tarantino's Inglourious Basterds and George Clooney's latest venture, Up In The Air, which had received the most nominations.
It also secured the best director award, leading film maker James to tell the star-studded audience: "This is the best job in the world, it really is."
The evening – in no way dampened by the inclement weather - saw many of Hollywood's biggest stars honoured, including Oscar-winner Meryl Streep.
She won the top actress in a comedy gong for her turn in Julie & Julia, in which she stars as famed American chef Julia Child.
Accepting her award she modestly commented: "In my long career I've played so many extraordinary women I'm being mistaken for one."
Robert Downey Jr picked up the best comedy actor for Sherlock Holmes, receiving laughter when he quipped: "First of all I'd like to thank Susan Downey for telling me that Matt Damon was going to win so don’t bother to prepare a speech."
Sandra Bullock earned the title of best film actress for her drama The Blind Side, and Jeff Bridges was named best dramatic actor for his role as a down-and-out singer in Crazy Heart.
The 60-year-old star, who has been nominated a number of times but has never won, received a standing ovation but quickly begged the crowd to sit back down.
"You're really screwing up my underappreciated status," he joked.
Dexter actor Michael C Hall – who recently revealed he is being treated for Hodgkin's lymphoma – was named best TV actor for his portrayal of the serial killer with ethics.
And Martin Scorsese was presented with a lifetime achievement award by Leonardo DiCaprio and Robert DeNiro.
While the evening was hosted by top English comedian Ricky Gervais, the British contingent, including Emily Blunt, Helen Mirren and newcomer Carey Mulligan, failed to pick up any big awards.
But that didn’t stop them bringing extra glamour to the event on the red carpet.
Click here to see the full list of winners.