Style Squad: Rating Elizabeth Banks’ Fashion-Forward Outfit at the MTV Movie Awards (PHOTOS)

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Roll out the red carpet, because Celebuzz’s all-new Style Squad is officially here to break down Hollywood’s biggest fashion hits — and misses — of the week.

This week, the squad — comprised of the biggest names in fashion analysis, from celebrity designers to TV personalities and bloggers — is taking a closer look at the Elie Saab-designed jumpsuit that Elizabeth Banks wore to Sunday night’s 2012 MTV Movie Awards.

Did the 38-year-old Hunger Games beauty win the approval of fashion journalist Lawrence Zarian, After Lately’s Heather McDonald, socialite Brittny Gastineau — and the other members of our Style Squad?

Get the full rundown from those in the know, here:

Heather McDonald (@HeatherMcDonald), author of You’ll Never Blue Ball in This Town Again and Chelsea Lately Producer.

Salvador Camerena (@FSALVATION): Fashion blogger and stylist.

Nik Thakkar ([email protected]): Creative brand consultant and editor of pop couture blog KARLISMYUNKLE.COM

Katrina Szish (@KatrinaSzish), TV reporter, host and style maven

Bruno Schiavi ([email protected]), Kardashian Kollection co-creator

Katie Krause ([email protected]_Krause), Entertainment host, writer and producer

Lawrence Zarian (@LawrenceZarian), TV personality, style expert and author

Brittny Gastineau (@BrittGastineau), Celebrity designer and Celebuzz blogger.

Every week, the Style Squad will provide analysis on what Hollywood is wearing, in 140 characters or less. You can follow the Squad on Twitter by using the hashtag #CBstylesquad