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It can be anything and for any reason including overdue wins, undeserved wins, funny moments, bizarre moments etc. 
Best Moment
Oscar: Best Picture: 1997
Winner: Titanic
Recipient: James Cameron
Reason: I was 7 years old, my first ever oscars (I tuned in to). All I knew was that James cameron directed Aliens/Terminator 1/2, I loved Titanic (then) and I wanted him to win. His reaction and speech were just gold. Even at 7, I knew what it meant to him and was genuinely happy for him. A really awesome moment.
Worst Moment
Oscar: Best Short Film, Live Action
Winner: Toyland (2007)
Recipient: Jochen Alexander Freydank
Reason: Simply put, the two ass-clows presenters (Momentarily anyway). I'm a huge fan of James Franco and Seth Rogan, unfortunately Franco spills the guys name like hot beans on toast and Seth Rogan cant hide his splutter of laughter, or have the manners not to do so into the mic. People say I was being too cynical about the event and that its was all just a little bit of fun. It just angered me, the concept that this guys could be showing his biggest achievement, the day he got recognition at the most prestigious award ceremony in the world to his grandkids or something and he has those idiots sniggering at his name. The announcement, and the transition to the winners face will always be the moment summed up for me, not the speech.
Luckily Jochen Alexander Freydank played it like a pro and just enjoyed his moment. props
Best Moment
Oscar: Best Picture: 1997
Winner: Titanic
Recipient: James Cameron
Reason: I was 7 years old, my first ever oscars (I tuned in to). All I knew was that James cameron directed Aliens/Terminator 1/2, I loved Titanic (then) and I wanted him to win. His reaction and speech were just gold. Even at 7, I knew what it meant to him and was genuinely happy for him. A really awesome moment.
Worst Moment
Oscar: Best Short Film, Live Action
Winner: Toyland (2007)
Recipient: Jochen Alexander Freydank
Reason: Simply put, the two ass-clows presenters (Momentarily anyway). I'm a huge fan of James Franco and Seth Rogan, unfortunately Franco spills the guys name like hot beans on toast and Seth Rogan cant hide his splutter of laughter, or have the manners not to do so into the mic. People say I was being too cynical about the event and that its was all just a little bit of fun. It just angered me, the concept that this guys could be showing his biggest achievement, the day he got recognition at the most prestigious award ceremony in the world to his grandkids or something and he has those idiots sniggering at his name. The announcement, and the transition to the winners face will always be the moment summed up for me, not the speech.
Luckily Jochen Alexander Freydank played it like a pro and just enjoyed his moment. props
